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Should I Take A 401(k) or IRA Withdrawal To Pay Off Debt? The answer might surprise you!

Frames Should I Take A 401(k) or IRA Withdrawal To Pay Off Debt? The answer might surprise you!

Description Should I Take A 401(k) or IRA Withdrawal To Pay Off Debt? The answer might surprise you!

Comments Should I Take A 401(k) or IRA Withdrawal To Pay Off Debt? The answer might surprise you!

They stopped allowing this didn’t they? Do you think if they announce a recession they will do this and qualify people again to withdraw funds again? Comment from : Muzicboy3

Is this still effective Comment from : Slappy Kraft

what are your thoughts on this now? as of 09/21 thank you Comment from : Katy Brooke

I don't understand why people wouldn't just take loans against their 401k balance, and pay themselves back with interest I did that several times; for a new roof, for a used car, to pay down debt, etc Obviously I'm missing something; perhaps not all plans allow for 401k loans? Comment from : Doug B

Is this still active today? I called fidelity today and told them im thinking of withdrawing some of my 401k to pay off the rest of my student loans and I asked them if I will be penalized and they said yes Someone had told me at my work there's no penalties because of coronavirus which is why I called and asked The advisor said, "well that was last year" I couldn't talk long on the phone because I was on lunch at work and only had 10 min left But was the advisor telling the truth? I want to call back and have a more thorough convo Comment from : Tony Paoletto

I really, really need to do this but i'm scared to death it will come back and bite me Comment from : Pamela B

Good info, I just saved 100,000 on internet and 16 years of paying a mortgage, now I have more money to invest!!!!!!! Comment from : Ebesh

Interesting strategy! It does seem like a bad time to have a lot of debt Comment from : Kate Phillips

Great CHANNEL > NEW SUB here > Q: If I WITHDRAW the 401k fundsis it better to pay the 10 withholding TAX rather than take the FULL FUNDS and pay the TAXES over the 3yrs ???Would I end up paying much more with the 3yr option ? Comment from : Rafael Gomez

Liked and subscribed Thank you for a lot of info 🤗 Comment from : Leila

Nice video!! It is great to educate! Comment from : School of Personal Finance

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