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401k withdrawals
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<blockquote data-quote="I GOT ONE MORE" data-source="post: 313673" data-attributes="member: 5997"><p>You CAN'T make a withdrawal until you are at least 59 1/2, unless it's after-tax contributions. Most people only make pre-tax contributions.</p><p> </p><p>If you sever your employment, the possibility exists for you to take the money, but it would cost you half in taxes and penalties. Most people roll the dough over into a self-directed IRA until they're 59 1/2.</p><p> </p><p>You CAN take a hardship loan under a very short list of acceptable reasons and pay youself back at an interest rate of around 8%.</p><p> </p><p> </p><p><strong>Hardship Withdrawals</strong></p><p><strong></strong>While you are an active employee of UPS, you may make withdrawals from your Plan account for specific financial hardships prior to age 59 1/2: </p><ul> <li data-xf-list-type="ul">purchase of a primary residence;</li> <li data-xf-list-type="ul">post-secondary education expenses for you or a dependent;</li> <li data-xf-list-type="ul">to prevent eviction from or foreclosure on your primary residence;</li> <li data-xf-list-type="ul">payment of unreimbursed medical expenses for you or a dependent;</li> <li data-xf-list-type="ul">payment for burial or funeral expenses for your deceased parent, spouse, children or other dependents; or</li> <li data-xf-list-type="ul">expenses for the repair of the damage to your principal residence that would qualify for the casualty deduction for federal income tax purposes.</li> </ul><p>But again, as I stated before, you really don't want to do this. A loan from your 401 should be viewed as a last resort, after all other options are exhausted.......and even then, I still wouldn't do it. A really bad idea. Read the article in the link on my previos post, insight will be gained.</p><p> </p><p>All the info you need is on the UPS Teamsters website......just type in the word "hardship" in the search window and you will find all your answers related links</p><p> </p><p>Good luck</p></blockquote><p></p>
[QUOTE="I GOT ONE MORE, post: 313673, member: 5997"] You CAN'T make a withdrawal until you are at least 59 1/2, unless it's after-tax contributions. Most people only make pre-tax contributions. If you sever your employment, the possibility exists for you to take the money, but it would cost you half in taxes and penalties. Most people roll the dough over into a self-directed IRA until they're 59 1/2. You CAN take a hardship loan under a very short list of acceptable reasons and pay youself back at an interest rate of around 8%. [B]Hardship Withdrawals [/B]While you are an active employee of UPS, you may make withdrawals from your Plan account for specific financial hardships prior to age 59 1/2: [LIST] [*]purchase of a primary residence; [*]post-secondary education expenses for you or a dependent; [*]to prevent eviction from or foreclosure on your primary residence; [*]payment of unreimbursed medical expenses for you or a dependent; [*]payment for burial or funeral expenses for your deceased parent, spouse, children or other dependents; or [*]expenses for the repair of the damage to your principal residence that would qualify for the casualty deduction for federal income tax purposes.[/LIST]But again, as I stated before, you really don't want to do this. A loan from your 401 should be viewed as a last resort, after all other options are exhausted.......and even then, I still wouldn't do it. A really bad idea. Read the article in the link on my previos post, insight will be gained. All the info you need is on the UPS Teamsters website......just type in the word "hardship" in the search window and you will find all your answers related links Good luck [/QUOTE]
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