Re: Anyone taking the 10% penalty and cashing out 401k or …

Home Forums DISCUSS General Discussion and Questions Anyone taking the 10% penalty and cashing out 401k or IRA? Re: Anyone taking the 10% penalty and cashing out 401k or …

  • Thu, Dec 10, 2009 - 07:08pm

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    Peak Prosperity Admin

    Peak Prosperity Admin

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    Re: Anyone taking the 10% penalty and cashing out 401k or …

It’s also important to note that if you do get layed off and are facing a forclosure or short sale as a result the banks will look at any retirement holdings as possible money to be paid to the bank.  Conversly, if you are at the same job (not layed off, etc.) and you are facing SS or FC the payment back to 401K, etc. from your paychecks are viewed as debt and deducted from your gross income.  Just FYI