Can i withdraw more while i'm still paying my first withdrawel? my second question is can i withdraw all of it? it's only 4000
2007-11-30 07:01:54 · 6 answers · asked by justin o 2 in Business & Finance ➔ Personal Finance
Your plan administrator at your company would be the best person to ask. If you change jobs, you can move the 401(k) to an IRA account without penalty.
2007-11-30 07:11:10 · answer #1 · answered by Richard H 7 · 0⤊ 0⤋
Do you mean you took out a loan? You can only "withdraw" money for hardship cases and that requires company approval after exhausting all possible loans from your acct - most plans only allow one loan at a time and you are pretty much limited to borrowing up to 50% of your VESTED available funds in the acct. check with the plan administrator - Withdrawals are also taxed as normal income plus a 10% penalty if you're under age 59-1/2, so you're basically throwing away 30-40% of your money when withdraw it from your 401k acct
2007-11-30 08:34:02 · answer #2 · answered by Anonymous · 1⤊ 0⤋
First check with your Plan Administrator, you know you will pay taxes on any withdraw plus a 10% penalty if you are under age 50.
2007-11-30 07:08:43 · answer #3 · answered by Squat1 5 · 0⤊ 0⤋
You can withdraw all of it if, but you will have to pay taxes and a 10% penalty for early withdrawl.
You can only borrow a total of 50% of your 401k money.
2007-11-30 07:10:38 · answer #4 · answered by regerugged 7 · 1⤊ 0⤋
If you can you shouldn't. Unless you have lots of other retirement savings or pensions you will need the money when you retire.
Borrowing your 401K money means it isn't growing for your retirement. A 401K isn't a piggy bank.
2007-11-30 07:16:51 · answer #5 · answered by shipwreck 7 · 0⤊ 0⤋
The best advice I can offer is to check with your plan administrator. Best to be safe.
2007-11-30 07:04:50 · answer #6 · answered by jwishz 7 · 2⤊ 0⤋