I took a hardship withdrawal in December 2007 from my 401k to avoid forclosure and now I have started my student loan payment , prices of gasoline and everything I'm finding I have increased my mortgage back again just to keep food on the table and to be able to drive to and from my current job . Does anyone know if there is a limit to the number of times I can take a withdrawal to avoid foreclosure or if a certain amount of time must pass before I can do it again ? I am currently looking for a second job , but with the economy being what it is, I find it hard to find one and until I do I just can not catch up.
I am currently a college student , and for the summer I have not been able to find any employment . I applied everywhere in the city that is hiring, and in two months I have not heard anything. My bills are due , and I 'm out of savings. I have 401k is two previous employers , and I was wondering , you may withdraw funds from a 401k because I can not find a job ? And if so , does this qualify as a hardship withdrawal ? Sorry, but I do not want to hear "Do not! They will hurt your retirement ! " Answers . I am fully aware of the consequences to pension plans in the future , but the here and now , and to pay my bills and rent , first . Once school starts up I'll be fine. I have student loans , financial aid and VA benefits to pay my tuition and all my bills . I do not know what else I can possibly do for the next 2-3 months and I have not been able to find any type of summer employment . thanks
We are trying to carry out a 401k hardship withdrawal to help cover the cost of having a new baby .. However, this is not intended as a condition for withdrawal , except for filing under "other " Does this / Does this disqualify us for approval ? What other ways are there to get the money? I know this is the dumbest way possible to withdraw money from your 401k and tax penalties , etc. . I need help with that part. Long story short , we had to borrow since last year and I can not get another until it is repaid in full . No way around that need money , so I just need some advice out ..
We would like to 401k difficulty using the funds for a down payment on a house ( my wife and I are first time home buyers ) . We have about 40k in 401k ( fully invested ) and after paying 10% penalty and fed and state taxes , we must stand with about 25k . Now , we have learned of our plan administrator ( ING ) that things are not so simple : first you have to " exhaust all other loan options ." Specifically, this means that we have to borrow about 20k of the 401k and pay it back with 5 % interest. Only 20k remaining can be used for a hardship withdrawal . This kind of defeats the purpose of what we want to do , that is, to generate cash both 401k may then be used for a down payment . The question is whether the practice of requiring exhaust all other loan options is legal and if others have heard of like " doors " that is released by plan administrators . We also wonder if there is another way to get the full money applied to the withdrawal ( and none against a loan ) . Of course , we know that some people think it's a bad idea to make early withdrawals from a 401k . We have taken into account in the decision of the case not only 401k nerve wrecking the ups and downs in 401k plans in the last 2-3 years , but also to recent rumors that the U.S. government could make 401k plans in annuity plans at some point in the future to finance the public debt (in fact , making their contributions by government pay for retirement ) .
We have a small loan with our 401k through Fidelity . We have a problem that has been raised to qualify as a hardship . When I went to Fidelity page showed an option for a hardship withdrawal . Does this mean that allow hardship withdrawal , even if you are paying a 401k loan ? Also the time it takes to get approved for a hardship withdrawal ? PS We know what rates come along with taking the money , that's not what I'm asking.
I would buy a house, for example to 100K. I want to put 20% down and I have 20K in my checking account. But I'd rather have 26K ( 20K less taxes and penalties ) of my 401K, even if I can afford . JP Morgan and the IRS says you can get ( do not borrow , you have to pay it back ) money from my 401K under the " hardship withdrawal " for the down payment only. Will I qualify because they could afford the down payment of 20K with my checking account? In other words , I have to legally pay my payment with my cash on hand before diving into my 401k plan ? I can not find any of these online databases. I know all the pitfalls of a hardship withdrawal compared with loans, etc.
We have been paying our mortgage each time later this month was 26 ! We've been needing to use our ccards for the needs of daily life . We have only one car in its last stage , no payments . I'm willing to take another job for more money , but I think to keep our mortgage a float and be able to afford the time I need to pay these debts ccard . I have to charge my 401k vs roll new employer . The $ in direction cards might be going to my mortgage . I have 3k 401k loan that must be repaid within 60 days. (From sons graduation and college costs ) , what should we do ? We also have to get my wife's car so she can go back to work ! She gave our son his car so he could attend college . This in turn left his home to raise our baby who is now 5 years and Kdg . Therefore, it has to be in labor to help with the bills. But we can not afford a car loan ...... So do 401k cash to do all this work out ? Is this a difficulty to get the 10% penalty waived ? Any response would be greatly appreciated ! The 24k is 401k
I recently quit a job with a company to go to another , and you can not roll over my 401k . I have several options for the money , but do not know what benefit more than me. I can hide it in a savings account that I produce 0.5% interest and keep for emergencies , deposit it in my IRA that accumulates in less interest , but I can take a tax credit to offset taxes on my initial withdrawal penalty , or I can put it all to pay off student loans , and deduct the interest paid on my taxes . Advice?
I wonder if this is possible ? I have the AON Hewitt ( 401K Investment Professionals ) . People make it sound easy to do . I know you have $ $ $ $ in there, enough to borrow up um a lot . Are there any limitations ? Is there a trick to it ? How long does it take to process and receive ? ? I can apply for direct deposit ? These are loans processed daily including weekends ? I see on the website that has general-purpose Loan Loans difficulties , would receive little of each? Serious people only please you have done or have knowledge.
In my recent divorce , I was assigned 10K in credit card debt that is in the name of my ex - husband at 22 % interest. I want to pay this as the monthly finance fees are almost $ 200 alone. I have no cash to pay , I have used the maximum loan on my 401K last year to buy a house and currently not eligible to open an account to transfer the loan to a better rate. As I just bought my house , a home equity loan is not an option . I have money in my 401k but I know there tax consequences of taking this money . My 401K in today's market I won -13.5% for the year and I'm paying 22% on this credit card . Despite the loss of dollar cost averaging , blah blah blah , it would make more financial sense to transfer money from the 401K to the credit card ? I'm in my 30 year old to have time to recover and my employer contribution is not a party but a duty of 10 % of salary deposited so as I continue to work here
I would like to withdraw from it for a down payment on a new house . My wife is pregnant and we need a bigger house . Unfortunately , with falling home prices have lost equity in our current home and will most likely break even . I need 3.5% for FHA loan on our next house and I'm a few thousand short . I wonder if it would be a smart decision to withdraw my 401k ? The reasons why I'm interested in doing this , even though the taxes and penalties , are due to found a lot and have instant equity in our new home , and only need 3 or 4 thousand. Thanks for your advice .
Not sure what to do . I'm in a liquidity crisis until next Friday when I get paid . I can not take a loan on my 401k because they have the minimum required ( $ 1,000 ) , and I thought of a hardship withdrawal , but it will probably take too long . Any idea ? I do not want to ask friends / family either.