How would I go about taking money out of my 401k and what percentage of it would be taxed?
I need to take about $1,000 out for an emergency and would like to know how much I would really need to take out to get that.
Isn't the payback rate 1% above prime? Prime is at 6% right now. So it might only be payed back at 7% interest.You take out a loan on your money at 8% interest and you pay it back weekly. you can only take out 1/2 of what you have invested.
Just request a loan they will send you paper work, it only takes a couple days. However this needs to be a hardship loan there are only a few reason that qualify to take your money out this was such as funeral expenses, buying your first house, school ect. the paperwork they send you explains it all.
Request the loan and the paperwork will arrive in 3 days.
HOPE IT HELPS
Isn't the payback rate 1% above prime? Prime is at 6% right now. So it might only be payed back at 7% interest.
Cool. Yeah, the Fed has cut 1.25% in the last 2 weeks which directly effects prime. That's why it's lower now. Happy investing!I just tried to take money out last week and the rate was over 8% it could very well be less than this now. I was just giving the information I had in front of me. It was all for nothing anyway because, I did not qualify for a hardship loan. I was just going to pay off my truck.
They are real picky on what you can take money out for.
I contacted Fnix via email and gave him the web site he needed to go on to find out the info.