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    bassethound3's Avatar
    bassethound3 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Apr 14, 2009, 08:05 AM
    Early 401K withdrawel
    [F]
    Can you close out your 401K even if you are still employed? I am fortunate to have not lost my job, but we work on a "production bonus" and have not been running for several months now. I am making less than 10.00 an hour and have gotten behind on basically every bill. I have plenty in my 401K, but don't want to do a loan because I can't afford for anymore to come out of my paycheck. Is it possible to close it out? I am 38 years old.

    Thanks for your help
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Apr 14, 2009, 08:15 AM

    Not without extreme penalties that would make it not worthwile.
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