Can you take money out of your 401K for any reason? Or does it have to be a "hardship loan?"

[IVE GOTTA PACKAGE 4U]

If you've got enough in your 401k that you can make regular withdrawals and still have it last at least til you're 100 then it's no problem. People are different, financial situations are different.

You are wrong .just like you don't believe in God

 

[Jones]

You are wrong .just like you don't believe in God

I suspect you're making the common mistake of assuming that everybody is the same financial circumstances as you with the same goals.

 

[IVE GOTTA PACKAGE 4U]

I suspect you're making the common mistake of assuming that everybody is the same financial circumstances as you with the same goals.

No I'm not. To each their own

 

[Jones]

No I'm not. To each their own

There ya go

 

[BrownRecycler]

You aren't understanding what I'm trying to say.
You are losing the power of compounding. And you are loalos what you could leave for your spouse if something happens to you.

There are no compounding if the market is down provided if don't have a portfolio that can auto-diversify toward bond on a downward market period. Compounding always work for and against you. It is a double edge sword. This is the same goes for inflation.

However, I wouldn't counts compound always unless I pretend that market keeps up and up always. The major "IF" is when you wanted to retire but cannot because of the down market period then what?

The company goals are to educate people to invest as in giving their money to make a profit not to make people filthy rich.

 

[CoffeeStainedUniform]

There are no compounding if the market is down provided if don't have a portfolio that can auto-diversify toward bond on a downward market period. Compounding always work for and against you. It is a double edge sword. This is the same goes for inflation.

However, I wouldn't counts compound always unless I pretend that market keeps up and up always. The major "IF" is when you wanted to retire but cannot because of the down market period then what?

The company goals are to educate people to invest as in giving their money to make a profit not to make people filthy rich.

What exactly describes "filthy rich"? $1, $5, $5million? More than you have?
Retirement isn't an account you drain at 65, it's an account you draw a small portion of.
If you have $1,000,000 and plan to take $50k a year off of it. You could wait out the worst year in stock history.

 

[BrownRecycler]

What exactly describes "filthy rich"? $1, $5, $5million? More than you have?
Retirement isn't an account you drain at 65, it's an account you draw a small portion of.
If you have $1,000,000 and plan to take $50k a year off of it. You could wait out the worst year in stock history.

If you are saying, doing nothing is worse than not putting away retirement. It is a matter of how much people can put away. If people are broke, they cannot save for retirement simple as that. They will break the piggy bank as soon as they lose their job then they are back to square one. So, much for retirement fund.

Am stating that compound interest isn't always your friend nor are the banks or financial industries. They want to make money too but not in "our" way.

 

[Damionte]

I have the possibility of relocating cross country to fill a position soon. Would relocation costs count as a housing hardship!?!

 

[1989]

I have the possibility of relocating cross country to fill a position soon. Would relocation costs count as a housing hardship!?!

No... but, but I believe, a down payment on a new residence would.

 

[Damionte]

Thank you. It won't hurt to ask.