Welcome! | Ask A Question
Asked 9/1/2010
|
Withdraw 401 k a good option? I have just recently been terminated, having worked for this Corporate for over 5 and a half years, I have a good work history and in good standing with our Union. I was transferred to a different department and in less than one month and I have been terminated. There's probably a greater chance that I will get my job back, is it worth the risk of taking withdrawing my money from my 401k account? If I do, and get called back to work, will I be eligible to continue my 401k plan? |
Answer 1/1 - Submitted 9/1/2010
You might want to get a loan or see if qualify for a hardship exception by contacting the plan adminstrator. You may be able to avoid a penalty by getting a loan or qualifying for a hardship. In addtion, if you need to withdraw it, I would only withdraw the absolute minimum to avoid a large tax or fee. I would talk to a retirement planner or the plan adminstrator to find out your options. I hope this answers your question. Thank you.
Type your Answer in the box below and post your answer.
Related Questions (Ask a New Question)
I was out of work for the entire year of 2007. i did not collect any unemployment. even though i have no income to report, i do have deductions and i have in the past itemized deductions. how do i file and claim deductions since i have no income to report? should i withdraw from my 401k in order...
Can you withdraw funds from a 401k at any time due to a terminal illness?
If i withdraw my 401k to purchase a house would i still be subjected to the 10% penalty and taxes or just taxes?
|
I was out of work for the entire year of 2007. i did not collect any unemployment. even... |
|
Can you withdraw funds from a 401k at any time due to a terminal illness? |
|
Taxes and penalties on 401k early withdrawal for new home If i withdraw my 401k to purchase a house would i still be subjected to the 10% penalty and... |
|
My husband has a 401k plan at work but the employer doesn't match so it isn't growing... |
|
Do i still owe taxes on my esop My husband received money from a profit sharing plan with the company he worked for it was... |
|
I have a 401k rollover account through a brokerage firm which charges a 1.5% annual fee to... |
Ask A Question
Ask a new question about
401k:
About
| Contact Us
| Membership Agreement
| Privacy Policy
| Site Map
| Advertise on this Site
Copyright © 401kQuestions.net 2012. All rights reserved.