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<blockquote data-quote="Chnandler Bong" data-source="post: 255658" data-attributes="member: 6846"><p>When you signed up for the 401k program, you entered a contract. You need to know the details of the contract before you apply. The information they are telling you is correct to the best of my knowledge. </p><p> </p><p>For future reference, you can put a percentage of your wages into an after-tax plan through your 401k. That money can be withdrawn at any time for any reason. The taxes have already been paid and there is no penalty. You will have to pay taxes on the interest it accrues only. I put 1% into this account as a rainy day fund (or a strike fund) and it has grown to over $7,000.</p></blockquote><p></p>
[QUOTE="Chnandler Bong, post: 255658, member: 6846"] When you signed up for the 401k program, you entered a contract. You need to know the details of the contract before you apply. The information they are telling you is correct to the best of my knowledge. For future reference, you can put a percentage of your wages into an after-tax plan through your 401k. That money can be withdrawn at any time for any reason. The taxes have already been paid and there is no penalty. You will have to pay taxes on the interest it accrues only. I put 1% into this account as a rainy day fund (or a strike fund) and it has grown to over $7,000. [/QUOTE]
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