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Brown Cafe UPS Forum
UPS Retirement Topics
401K set up advice
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<blockquote data-quote="retiredTxfeeder" data-source="post: 1370235" data-attributes="member: 52978"><p>My wife has a 401k where she works and they are more liberal about letting you get ahold of money if you need some before retirement. She can borrow money for any reason and she just pays herself back. money in the 401k is pretax, so you will pay taxes on it. If you withdraw before age 59.5, you will also incur a 10% penalty on top of the 20% withholding, as far as I know.</p></blockquote><p></p>
[QUOTE="retiredTxfeeder, post: 1370235, member: 52978"] My wife has a 401k where she works and they are more liberal about letting you get ahold of money if you need some before retirement. She can borrow money for any reason and she just pays herself back. money in the 401k is pretax, so you will pay taxes on it. If you withdraw before age 59.5, you will also incur a 10% penalty on top of the 20% withholding, as far as I know. [/QUOTE]
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