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re: Borrowing money from 401k...how does this work usually?
Posted on 2/25/16 at 1:56 pm to Powerman
Posted on 2/25/16 at 1:56 pm to Powerman
quote:
Is the 401K money with your current employer? If not you can just roll it into an IRA and use that as a down payment with no need for a loan.
Up to 10K is permissible with no tax consequence. But if it's with a current employer I think you might have to do the loan
So layoffs are hitting our office today. We're hearing as much as 25% of remaining workforce. Haven't been called in, but makes me question my financial footing. Looked into my 401k today. You're saying if you roll your 401k into an IRA, you can touch 10k of it penalty free?
Posted on 2/25/16 at 2:01 pm to KG6
good luck man
just go home early so they can't let you go....they may forget by tomorrow morning
just go home early so they can't let you go....they may forget by tomorrow morning
Posted on 2/25/16 at 2:19 pm to KG6
quote:
So layoffs are hitting our office today. We're hearing as much as 25% of remaining workforce. Haven't been called in, but makes me question my financial footing. Looked into my 401k today. You're saying if you roll your 401k into an IRA, you can touch 10k of it penalty free?
that sucks. I hope it works out, but sounds like you are prepared. I have heard from multiple people that getting laid off was actually a plus in their life.
Let us know how the do more with less speech goes. its always fun to hear. I have heard it at least 5 times. the last time the team collectively told the boss to shut up, as we had heard it just a few months earlier.
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