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Asked 9/19/2008
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Can you draw all your money out of 401k Can a person discontinue putting money in a 401k due to hard times. |
Answer 1/2 - Submitted 9/20/2008
Answer 2/2 - Submitted 10/31/2008
Yes you can, you only have to contact your plan administrator and change the percent you have taken out of your pay check each week. At that point your funds whatever they are will continue to grow or lose depending on the market without any further deposits. I would suggest that you consider moving your vested balance into a fixed income/stable account being the slump the market is in these days as not to lose savings. I learned the hard by losing over $145,000 dollars before I did what I'm suggesting to you. Good Luck
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