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    Can I Withdraw Money From My 401k?

    I want to withdraw money from my 401k and go on vacation.

    asked 7 months ago

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    AnumChris

    It is quite difficult especially when you know all the terms and conditions. This scheme is actually designed to discourage you from taking cash out before 59.5 by levying huge taxes and fees. If you still think you want to do it then have a conversation with a broker about making substantially equal payment withdrawls, you still would be wasting loads of money. But it's totally up to you. After all it's your life and decision. There's always another BETTER way. You'll regret on losing all that money one day.!! If you think you can pay that money off then it is a good option for you.

    Wish you all the best!!

    answered 7 months ago   

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      gmorris37

      Yes but they may charge you a penalty. Sometimes you may borrow money against your 401k. Its better to ask the company that holds your 401 k what the penalties might be.

      answered 7 months ago   

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