2007-02-21 07:25:28 · 3 answers · asked by Josh W 1 in Business & Finance ➔ Personal Finance
depends on your plan. some plans don't allow for loans and some plans don't allow for inservice withdrawals.
If you're still employed then you can't "close out" your 401k. You can stop making new contributions to it but all the money that you put into it is stuck there until you turn age 59 1/2, quit, become disabled, or die. Contributions that the company put in for you might be accessible but very very doubtful! Each plan is different and though the law allows them to give it to you if it's in the documents, it doesn't require them to put it in the document. Basically it's a choice thing!
2007-02-21 07:38:31 · answer #1 · answered by digdowndeepnseattle 6 · 0⤊ 0⤋
Depends on your plan and your personal situation, but most of the time you can't take the money out of a 401K unless you leave the job. Taking a loan is a better idea anyway as long as you can pay it back, since that way you still have money growing tax-deferred for your retirement.
2007-02-21 15:30:25 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
get a loan.
2007-02-21 15:33:01 · answer #3 · answered by Anonymous · 0⤊ 0⤋