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    adrobin35's Avatar
    adrobin35 Posts: 1, Reputation: 1
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    #1

    Aug 28, 2009, 12:23 PM
    If Your Spouse Loses a Job, Can You Take Out Your 401K?
    I lost my job and I'm wondering can my spouse take out his 401K since I was the one who brought in the most income?
    N0help4u's Avatar
    N0help4u Posts: 19,823, Reputation: 2035
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    #2

    Aug 28, 2009, 02:05 PM

    I believe you can take it out but it will have all the tax, penalties and any other deductions stated in the plan
    Clough's Avatar
    Clough Posts: 26,677, Reputation: 1649
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    #3

    Aug 28, 2009, 10:48 PM
    Greetings and WELCOME to the site, adrobin35!

    I moved your question out of Introductions to this forum topic area so that it will be more likely to be noticed and addressed by those who are best able to answer it. Your question will get noticed much more here.

    Introductions is for people to introduce themselves only, and we try to not ask questions there. We would appreciate it if you would return to Introductions sometime to tell us a little bit about yourself, if you would be willing to do that.

    I do note, that your question already received a response while it was in Introductions.

    Thanks!
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    Aug 29, 2009, 06:22 AM

    Whether he can withdraw money from his 401(k) depends on his plan provisions. Not all plans permit in service withdrawals.

    But if his plan does allow them, I would advise against doing it. The tax and penalties would cut too deeply into your savings to make it worth it.
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