Has anybody withdrawn or considered withdrawing from their 401k for the wedding? If so, are there any penalties or whats the agreement like?
dpanzarino
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Re: Spin off to taking out a loan ......
There are definitely penalties - I think you're better off with a personal loan. And these days interest rates are so low!! I wouldn't touch the 401K
DMLHeartsCRM
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Re: Spin off to taking out a loan ......
Dont touch your 401k, they will tax the ever loving heck outta you!
jgold910
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Re: Spin off to taking out a loan ......
FH took out of his 401K to pay for my E ring- he is paying back the 401K thru his paycheck. I think 32 a month or something...each company probably has their own rules - and it also depends how vested you are - how long you've been in your 401K too.....
madamsireeda213
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Re: Spin off to taking out a loan ......
Posted by jgold910
FH took out of his 401K to pay for my E ring- he is paying back the 401K thru his paycheck. I think 32 a month or something...each company probably has their own rules - and it also depends how vested you are - how long you've been in your 401K too.....
My FH did the same thing but it was a really small amount back, like 2K - 3k a couple of years ago before I started my new job. Each company has their own rules and teh penalties and taxes depends on teh amount you take out. Also there are different type of loans you can take out from you 401k such as hardhsip loans etc. HR will be able to explain this to you better. The fats way to pay off the loan was to have the money deducted from your paycheck. Thats what he did and he paid it back in no time.
FutureJOC
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Re: Spin off to taking out a loan ......
I definitely would not touch the 401k. If you are really considering doing anything, I would go with a personal loan.
