[123music]

I had to quit my job 3 weeks ago and am 52 and cannot find a job that pays enough to pay my house pmt and others. I have about 44,000 in 401 and owe about 7,000 on a loan from the 401. I need the money to pay bills until I can find another job. I can't find anything that pays more than 9.00 an hour. I would take it but its not enough to pay my bills. I don't have much at all in savings. What is my best bet or is their another option. I am running out of time. Thank you.

[Fr_Chuck]

First why did you quit a job if you can't pay your bills??

Next well 9 dollar a hour may not pay all of your bills but guess what it pays about 300 dollar a week of them better than sitting at home spending your savings,

Well first you will have to pay taxes on any money you draw out, so you need to draw out only enough for one month at a time until you get back to work. ( if you are allowed to do that)

So when you are not working, you take any job 9 dollars ahour or 7 dollar a hour and work as much as you can. Then fnd better jobs.

If you were making 9 dollars a hour, you would have a little more time than before.

And of course you did not say what expenses you have, if you have a 300,000 house and owe 100,000, perhaps sell if and down size, if you can't pay certain bills, don't and pay only bills you have to pay first.

Any real advice would have to know amount of all savings, amount of all debts amount of all assests ( and you should not post those online anyway)

[talaniman]

First you would have to explain why you quit your job in the first place? That I totally don't understand.

[kp2171]

Don't forget to check temp agencies. My daughter has used these from time to time in between jobs, and her last one paid $11 for easy work. Just an option.

[123music]

dont forget to check temp agencies. my daughter has used these from time to time in between jobs, and her last one paid $11 for easy work. just an option.

I quit because a fellow employee was slandering me and harassing me so much I couldn't stand it anymore. Supervisors did nothing. I was so upset they had to send me home. I worked in a casino and they proved time and time again they just do not care about their employees. I even had witnesses and they didn't even bother to talk to them after promising they would. I was crying everyday and I could not take it anymore. I felt I had no other choice. I am considering seeing an attorney. They say it is my word against his. There is a lot more to it but that's it in a nutshell. I was not thinking clearly when I quit but I can't do anything about it now.

[123music]

Fr Chuck, I posted my reason for quitting after kp2171 replied to my post. At the time I didn't think I had a choice. Thank you for responding to my original post.

[ScottGem]

First, using your 401K should be a last resort. The loan balance on the 401K will now be considered a withdrawal as it is, you will need to pay taxes and a 10% penalty on that money.

Frankly, I would consult an attorney. If the situation at the job is as you say it was and you can prove it, then you may have a discrimination case. You should have no problem finding an atty to take it on a contingency basis.

In the meantime, even if you have to take low paying jobs, I would do so, rather than touch 401K money.

[talaniman]

At age 59 and a half the money is yours tax free no penalty. Whatever you can do to survive for now would give you a nice chunk of change toward retirement. I don't know the specifics of your finances but I would downsize my budget and try to protect that 401 as best I could. Using the 401 now would certainly solve your short term needs but in the log run you would lose a significant amount in taxes and the 401 loan counts against that balance and if your not paying the money back... bottom line is that 44,000 would be about 25,000 after all the deductions. I think you have 60 days to come up with that loan money. Is their anyone else in your household? I would work at any job I could find for a while until I could get a good paying one. Be a shame to lose the 401 when your so close. Hard to recommend a solution with out more info. A job or two is high on the list.