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    johnny9572002's Avatar
    johnny9572002 Posts: 1, Reputation: 1
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    #1

    Mar 15, 2008, 09:49 PM
    401k Withdrael
    How do I go about getting a withdrawl from my 401k? I am in a desperate situation and need money fast...
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Mar 17, 2008, 08:21 AM
    Call the plan administrator and ask how to take a withdrawal. Depending on the specific provisions of your plan they may or may not allow withdrawals under certain hardship rules. If you are under 59-1/2 you will have to pay a 10% penalty as well as ordinary income tax on any withdrawal, regardless of whether it's a "hardship" withdrawal or not. If you are still an employee of the company where your 401(k) is managed, I recommend you ask about taking a loan rather than a withdrawal.

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