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70 Hour Approval
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 4478696" data-attributes="member: 12570"><p>Add up the interest that you would have paid on the outstanding debt and compare that to the tax hit on $33K each year for the next 3 years. Factor in the additional contributions that you will make if you do decide to max out your 401k after the withdrawal, subtract that from your projected gross and the $33K to see if you would come out ahead by doing this.</p><p></p><p>You may want to ask your fund if this is even a possibility as they may have put a moratorium on future contributions for a specific period of time in return for letting you withdraw "their" money. I don't know if this is the case or not but it wouldn't surprise me if they were to add this restriction.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 4478696, member: 12570"] Add up the interest that you would have paid on the outstanding debt and compare that to the tax hit on $33K each year for the next 3 years. Factor in the additional contributions that you will make if you do decide to max out your 401k after the withdrawal, subtract that from your projected gross and the $33K to see if you would come out ahead by doing this. You may want to ask your fund if this is even a possibility as they may have put a moratorium on future contributions for a specific period of time in return for letting you withdraw "their" money. I don't know if this is the case or not but it wouldn't surprise me if they were to add this restriction. [/QUOTE]
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