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This is NOT a good idea. The cost of removing this money (assuming your plan allows it) would be much greater than the interest you are paying.
Its NOT 20% for taxes, its 20% WITHHOLDING towards taxes. The amount of the wqithdrawal is added to your taxable income for the year which could move you into a higher bracket. The 10% is paid off the top. Does your plan have a loan provision? |
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