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401k withdrawals
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<blockquote data-quote="FAVREFAN" data-source="post: 313662" data-attributes="member: 13078"><p>You won't pay penalties if you are approved for the hardship withdrawal. You will have to pay it back at 1% above prime to your own account. If you are not approved you can withdraw the entire account if you want but you'll be paying a 10% penalty and regular taxes on the full amount. Let me be blunt, you're a fool if you withdraw without hardship approval and even with approval your making a mistake. I hate to be so honest with you but people shouldn't even invest in a 401(k) if you end up living unresponsibly and need to use it like a piggy bank. It's a long term investment vehicle. You just wasted 20 years of investing. You'll never, never be able to make up for it if you go through with this. If it is that bad, look into filing bk and try to keep your retirement in tact. </p><p> It's one thing if you get hurt or lose your job but this kind of thing is........well, let me stop. </p><p> In closing, take other posters advise......find an alternative.</p></blockquote><p></p>
[QUOTE="FAVREFAN, post: 313662, member: 13078"] You won't pay penalties if you are approved for the hardship withdrawal. You will have to pay it back at 1% above prime to your own account. If you are not approved you can withdraw the entire account if you want but you'll be paying a 10% penalty and regular taxes on the full amount. Let me be blunt, you're a fool if you withdraw without hardship approval and even with approval your making a mistake. I hate to be so honest with you but people shouldn't even invest in a 401(k) if you end up living unresponsibly and need to use it like a piggy bank. It's a long term investment vehicle. You just wasted 20 years of investing. You'll never, never be able to make up for it if you go through with this. If it is that bad, look into filing bk and try to keep your retirement in tact. It's one thing if you get hurt or lose your job but this kind of thing is........well, let me stop. In closing, take other posters advise......find an alternative. [/QUOTE]
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