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401k question
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 410234" data-attributes="member: 12570"><p>That is by design. Your 401k is meant to be a retirement savings vehicle, not a piggy bank that you can dip in to whenever you want and/or need to. The money you put in to your 401k <u>has not been taxed.</u> That, along with the fact that your contributions reduce your net taxable income and thus reduce your net tax burden, is one of the chief benefits of a 401k.</p><p> </p><p>Now, if you truly do need your money, you can apply for a hardship withdrawal. The application process can be initiated online. Yes, you will lose 20% and be taxed on the balance, but, if you truly need it then that option may be available to you.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 410234, member: 12570"] That is by design. Your 401k is meant to be a retirement savings vehicle, not a piggy bank that you can dip in to whenever you want and/or need to. The money you put in to your 401k [U]has not been taxed.[/U] That, along with the fact that your contributions reduce your net taxable income and thus reduce your net tax burden, is one of the chief benefits of a 401k. Now, if you truly do need your money, you can apply for a hardship withdrawal. The application process can be initiated online. Yes, you will lose 20% and be taxed on the balance, but, if you truly need it then that option may be available to you. [/QUOTE]
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