I would like to know how do I request money from my 401k funds. I am behind on mortgage payments and I would like to pay off credit card debit.:(

How do I write my request letter?
Thank You.

Call the administrator of your 401(k) plan to find out how to do this.

If you are still employed at the firm where your 401(k) is located, inquire about taking a loan from your 401(k) as opposed to making a withdrawal. This avoids the 10% penalty, and keeps you in the plan. You effectively borrow from yourself.

Your 401K is a retirement nest egg. It is NOT a savings plan for use in emergencies. A withdrawal may incur a 10% penalty plus will be taxable income for the year.

A 401K loan is generally made at low interest plus the interest goes back into your account, not to your company or the plan admins.

You would however, qualify for a hardship withdrawal if the money would be used to stave off foreclosure.

Bottom line is you need to talk to the plan admins.