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Asked 12/3/2008
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Can I pull all of my money out of my 401K to get myself out of debt? I want to quit contributing to my companies 401K plan and take out all of my money and go ahead and pay the taxes and the penalty so that I can pay off debts. Can I do this? |
Answer 1/1 - Submitted 12/3/2008
If your fully vested thru your employer yes, you can withdraw from your 401k and just pay the penalties. If not vested with employer, you can withdraw from 401k only thru taking out a loan where you'd pay additional loan interest along with the penalties. If you just stop contributing to the 401k acct , your account will be frozen until reactivated with your contributions thru a new job or just continue your regular contributions , but you will still have to use / take a loan to access YOUR money.
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