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    rizzaluck's Avatar
    rizzaluck Posts: 2, Reputation: 1
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    #1

    Jul 28, 2007, 07:39 PM
    401k ? Taken a little?
    Due to a uncontrolable situation I am in desperate need of quick cash,I need to withdraw about $7000.00 from my 401k is that allowed to only take out a percentage, I am only 31 so I feel taken at this young age may not be so harmful. I understand high penalties but unfortunately have come to no choice 7000. Is only 1/3 of what I have invested
    Does anyone have any info on taking a pieceout or do you have to cash out as a whole
    :(
    rizzaluck's Avatar
    rizzaluck Posts: 2, Reputation: 1
    New Member
    		  
    #2

    Jul 28, 2007, 07:40 PM
    [QUOTE=rizzaluck]Due to a uncontrolable situation I am in desperate need of quick cash,I need to withdraw about $7000.00 from my 401k is that allowed to only take out a percentage, I am only 31 so I feel taken at this young age may not be so harmful. I understand high penalties but unfortunately have come to no choice 7000. Is only 1/3 of what I have invested
    Does anyone have any info on taking a pieceout or do you have to cash out as a whole
    GlindaofOz's Avatar
    GlindaofOz Posts: 2,334, Reputation: 354
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    #3

    Jul 28, 2007, 07:42 PM
    You can typically take a loan out against your 401K. Your plan typically sets up limits on reasons and that you usually need to prove some sort of hardship. First thing Monday I'd go talk to your HR person.
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