Loan on my 401K will be paid off in February 2008. Would like to withdraw the rest of my 401K to pay off my house (ARM will go up in November) and collection bills. How can I do this without penalty? I believe this is a true hardship case.
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Withdrawal means a 10% penalty PLUS 20-28% taxes so you'd lose more than 30% of your 401K . How dumb is that ? stop contributing for a while and use that extra cash per month to pay off debt.
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