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Chief
Thinking a 401k loan is your best option. I don’t think you can just rollover 401k funds to an IRA, unless you leave a job.
Typically you can only roll your assets out of a 401k plan if you’ve terminated employment. You can take a loan but will have to pay it back with post-tax dollars. You’ll pay taxes on the loan dollars again when you take a distribution in retirement, so it’s not a tax efficient strategy. You can ask your record keeper if you’re eligible for a withdrawal. You can often take a Hardship Withdrawal for emergencies and/or buying a home. This option has tax implications but no penalties. I hope that helps!
This is super helpful. I appreciate your explanation!