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    KELLY0281's Avatar
    KELLY0281 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 24, 2008, 12:23 PM
    401K and home purchasing
    I am moving to a different town, so I need to make a decision about my 401K with the company I work for... I would like to use the money (about $10,000) for purchase of a new home. Is there any way to do this without paying penalties or big taxes? Or do I just need to roll this investment into my husbands' existing retirement program in order to avoid any penalties? We don't have any reserve savings to use as down payment or extra monies that may be needed in home purchase. Thanks, Me
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Mar 24, 2008, 12:26 PM
    Nope, nor is this a good idea. You will lose at least 30% of that $10K, not worth it in my mind. You can't roll it over into your husband's retirement. You will need to roll it over into your own IRA or you new company's plan.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Mar 24, 2008, 12:46 PM
    Please don't keep posting the same question. If you have a follow-up just add a reply to this thread.
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