If I have a hardship and need to get money from my 401k, can I be denied because I only have (cash) interest left in my plan? | 401k Questions

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Asked 5/20/2008

If I have a hardship and need to get money from my 401k, can I be denied because I only have (cash) interest left in my plan?

I need a hardship and my plan administrator says I cannot withdraw (although I have $50,000 left) because I have used all of the money I have contributed. She says what's left is only the interest I have earned off of the money. Is this one of the rules. I hate to keep borrowing, but my home is going to be foreclosed and I need the money to stop the foreclosure. Please inform.

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Answer 1/1 - Submitted 5/20/2008

If the plan administrator is telling you that you can't pull any more out because you pulled out all the money that you put in, then you can't. Maybe talk to a bank to get a loan, or see if your kids can help.

good luck.

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