401K's and Penalties for Taking Some Funds Out
Hello Mom's Could any of you tell me about penalties on taking money out from your 401K's before retirement. I had some friends take it out for buying a house, but...
ANSWERS
See all- You really have to look at the rules for your plan. But, in general, a loan is always better than a withdrawal but you generally only have access to a portion of your...
- I don't see that anyone has mentioned the specific numbers, so here goes: If you withdraw the money from your 401k (not a loan) and you are under 59 1/2, you will pa...
- My company administers retirement plans. Your friends were eligible for what is called a primary-residence loan. They have to pay back the loan, with interest, to the...