I am 25 years old and i need money to pay off credit cards can I take money out of 401K (if i have any)?

Answer 1

You can, but the penalties on taking money out of your 401k will not be worth it.

Answer 2

If you want to do that take out a loan on your 401k. The loan must be a min. of 1,000 usually and you can only borrow up to 50% of what you have in your account.
Keep in mind that if you do not pay off the balance you will have to pay at least 20% in penalty taxes as it will be considered an early withdrawal.
Should you terminate your employment than depending on how your plan is setup you will have 90 days to payoff the balance and not be subject to penalties. I have seen some plans that are setup that as long as you continue to make the payments on your loan you will not default. Again this just depends on how your employer setup your plan.

Answer 3

You can make a loan against your 401, up to 1/2 of the total amount and pay at a rate of 5% and make the loan for the time period you want 1year to what ever, I do it about every 3 years, where else can I get 5% and get my money back at the end

there are no fees unless you default, not making payments is the same as taking it out, so your employer will deduct it from you check, so make it light or heavy on yourself

Answer 4

First, do you have a 401K plan?? If you do, you have to go to Human Resources. they have the form so you can withdraw some money out of the account. But I wouldnt suggest that, I would just pay for them little by little. If you dont, well I guess 401K it is.

Answer 5

You can but you have to pay tax and a 10% penalty for early withdrawel

Answer 6

sure if you wanna pay the hefty tax consequences.

Answer 7

get a job its the only way

Answer 8

you should ask your parents and relatives for help...