Investing in Precious Metals 101 Ad

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 …

  • Sat, Jan 09, 2010 - 05:14am

    #93
    Peak Prosperity Admin

    Peak Prosperity Admin

    Status Bronze Member (Offline)

    Joined: Oct 31 2017

    Posts: 1612

    count placeholder

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

We thought about withdrawing our pitiful little 401k a month or so ago.  We found out about the restriction that we aren’t allowed to touch our f-ing money unless we fill out paperwork and go through a hardship process.  We do have roof damage to our house we could state as a repair to our primary residence (our only residence).  Thing is, they want you to try to get a loan to repair the damage first.  I will not go further into debt.  I’m really fine with the roof damage, I just want to have a reason to cash out the 401k before its gone.  I’d rather do a kinda uneeded repair around the house than let it burn away to nothing where it is. 

Sad thing is, we had just upped our 401k contributions to a responsibly uncomfortable level in 2008 because we’re ‘grown up’ now and are starting to think about retirement.  When I read we weren’t allowed to access it, we were so dismayed we immediately halted our contributions.  So, I feel we just threw away several thousand dollars we really could have used.  Makes me sick.

Does anyone think its advisable or worth it to look into all the hoops and red tape for the ‘hardship’ withdrawal, or should we just let the money go?