Has anybody ever withdrew from their 401k for medical expenses?

like
Posting as :
works at
You are currently posting as works at

I’m asking to see if anyone has experience with the process, not asking for alternatives. I need the money to save myself now, it’s not worth anything if I don’t live to retirement

like

Before you do that, did you explore every other possible option? Surely a personal loan or some other arrangement would be better

like

You can take a loan against your 401k

You should be able to take a hardship distribution or a 401k loan. I have taken 401k loans before and the good thing about them is that you repay yourself back + interest.

like

I’ve done it for educational expenses. Doesn’t it clearly outline what needs to be done?
They’ll ask for some sort of documentation I assume. It’s a fairly straightforward process.

Yes. Also, during the pandemic there was a relief bill that allowed you to withdraw penalty free. I don’t know any of the conditions so talk to a CPA

Related Posts

My wife wants to move out of state. I'm in my 6th year...500 clients and finally starting to make some money. How bad of an idea is it to sell my book and buy a book in a new state?

like

Buying a house for ~900K in one of the Boston suburbs - my household income is ~230K. Am I stretching too far?

like

Hey beautiful people,
I’m 27Y and work in tech. Unfortunately my carpal tunnel is getting worst slowly. I’m worry that I still have like 45 years more to be retired and can’t stop working because I have a f* mortgage to pay 😭 I have a super ergonomic workstation, but I know my hand needs a long rest, and I can’t do it… Does anyone relate? What do you recommend?

like

where is the best place to sell or trade in my used car? (2019 van low km’s)

like

I have been DCAing over the last few months on binance and then moving the tokens to my Celsius wallet.

It has become really difficult to keep track of the actual cost of the tokens and profit/loss.

Any software or app recommendations, I am almost inclined to start an excel spreadsheet to keep track now

like

I love teaching art but am having to teach remotely to 1150 kids, k - 5. Have about 54 amazing elementary art teachers in my district that share SO much! I could retire (34 yrs), but just don’t want to because I love what I do! Feeling like my students aren’t getting what they should because I am struggling with Zoom, Microsoft, safe YouTube, bitmoji, embedding, downloads, editing, etc. Anyone else feeling this way?

like

For EESP - which is better share withholding or payroll withholding? Thoughts?

like

Im so happy! I just paid off all my debts!

like

Just heard FY23 partners at PwC are getting only 40 shares vs.60 last year. Looks like new partners are being shown the middle finger by Tim Ryan in favor of increasing stock price and getting more catalyst hires. Sucks!!

likefunnyhelpful

Currently maxing out my 401k and HSA and investing about 1k/mo in ETFs. Also recently started buying I-bonds given inflation. What are other things I should be thinking about?

like

I have 2 excel tabs. One has my overall budget with specific categories. The other has my actual breakdown of spending with each associated category. Is there a formula where whatever I input in my spending breakdown tab gets populated to the overall budget, by category?

like

Those who moved nyc to nj- assm min change in rent, how much did you save on an avg cause of taxes etc.?

like

When traveling for work can we use our personal credit card for expenses or do we have to use the corporate Amex? Also does our corporate Amex get points/perks that we can use for personal usage?

At my fiancés company they are able to use a personal card (which then they get all the points and perks) and then just expensive to they company.

How to calculate in hand salary and how much will be tax and how to save taxes? Old or new tax regime?

Having a PPF invested for 1.5L IBM

Post Photo
like

FIRE Newbie here - wondering how everyone is retiring early (30’s 40’s 50’s) if the majority of your savings are tied up in tax preferential retirement vehicles you can’t really touch for another few decades?

like

Anybody using Marcus high yield savings? 1.9%APY seems like a no brainer, just want to be sure I’m not missing anything.

like

Landed an interview tomorrow with Zendesk. I’m so excited for this! The role is for a business development representative. I have around 8 YOE in sales/client services. What kind of questions should I expect to answer in tomorrows interview? Also, can anyone give some insight on salary negotiation, schedule and benefits?

like

How much should I contribute to a 401k?

like

Hello! Anyone working at Coupa could give me some info on maternity leave? Thank you!

like

Hi- in conversation to make a move, but curious what the total package looks like for an experienced associate? (PTO days, 401K and pension?) Also, is there a paternity leave program? Thanks!

More Posts

Can someone tell me what are the tech stacks mainly to prepare for FAANG , also can you tell me inside Data Science as a whole which field expertise mainly required - computer vission or NLP or deep learning etc like these ....

like

I’m a junior in big law and in the short time I’ve been here, I’ve noticed that counsels produce perfect drafts and yet aren’t partners but partners can’t write two sentences without numerous typos. Shouldn’t counsels be partners and partners counsels instead?

like

Hi folks, I hold PepsiCo india offer letter and Canada work permit visa as well, when I check with PepsiCo India HR for “work from Canada” option they mentioned it’s not possible rather asked me to decline India offer, any suggestions ?

Anyone got the salary credited.

How much tax you paid... please also mention deduction u have used.

Let's make a list....will be usefull for all Amazonians

like

Has anyone actually gone through with accepting an offer from the Siegfried Group? I hear from a recruiter representing them probably once a week. How is it?

like

Any insight on Latham NY capital markets culture?

like

Any one know how many round of interview in Wipro .... For selenium Testing
I attended 1st round and selected for 2nd round.. any one help me what type of interview will be expected.. plz help me to get placed

like

Hi, I am going to have interview at wipro for Android Developer for Lucknow location. I have 8 yr of experience and my current ctc is 6 Lac. What salary should i ask them.

like

What should be the salary for a HR manager with 8 years of experience in Singapore?

like
like

Need some rippers to play with, need 2.0 kds

likefunny

Any senior BCG people on here willing to chat about what BCG do in health and help me understand the culture? Thx

like

I just took a leadership role in industry after 5 years in advisory (industry hire). Partners, any tips for the transition? What have you seen your clients do well/poorly during big career moves?

like

So for any of you panicky paper-hands who need to get talked down from selling.

This is what playing dirty looks like - welcome to the real Wall Street. They want to send a message to scare off enough people by mimicking a crash through intentional sales that trigger freezes. This is the endgame, because they know that if retailers don't blink they have to take the bath of all baths tomorrow.

Log out, get some fresh air, come back later. Lots of good DD on wsb and discord. HOLD is FUN!

likeupliftingsmarthelpful

Any experience of working on third party payroll of lancesoft? Please share your views, Lancesoft

What should we be cautious of on third party payroll?
Please share your views

like

Recent college grad doing IT audit at a fairly well-established accounting firm (not Big 4, but top 10). College was good but not Ivy League or anything like that. Grades were around 3.4-3.5.

If my goal is to maximize my chances of working for MBB, which of these paths would you personally take?

1.) Stay on current team, try to get promoted as fast as possible

2.) Stay at current firm but try to switch from risk advisory to a management consulting team

3.) Get an MBA

4.) Other?

like

Anyone else feel like sometimes the people around you keep you from reaching your goals?

like

How do you get any work done when there is always someone pinging or calling you?

likefunny

I'm thinking about starting something, but I want to be well versed in entrepreneurship before I do. Any recommended resources (websites, podcasts, books, etc.)? Thanks!

like

Hi I Have offer from BNP and Capgemini Pay is almost similar, Which one will be wise decision to join.

like

Additional Posts in Consulting

What are the weirdest reasons you have heard for people being laid-off? I have heard someone getting laid off because they missed submitting their time-sheets for 3 times in a year.

like

Starting to get more involved in the project sales process - any recommendations for books or resources to develop skills in this area?

like

Did anyone read the top consulting firms to work for? 😂😂😂

like

Anyone ever work for Optiv? Money any good?

like

Applied for EYP TSE Operation Analytics Senior and had a initial screening call with EYP recruiter two weeks ago but she has been ignoring my follow up email and hasn't been responding since. Is it normal or I'm no longer in their consideration already?

Also wondering if anyone from that practice is willing to connect? I'm currently in DDV and very good at Alteryx and Tableau, so want to make the switch.

like

What are some "cool" brands of jeans for a 16 year old boy? Jeans would need to be appropriate for an out-of-uniform days at school.

like

Serious question: Men, those seeking a medical opinion from a Dermatologist for hair loss, would you consult with a Dermatologist if he himself was bald? I have one that is rated well (patient reviews) as a Doc, but in his photo he is bald. I'm not sure if he would truly care for my hair loss story. Thoughts?

funny

If your role is being closed/being laid off (not due to performance issues) just firm downsizing, do you tell the companies you are interviewing? How to phrase it?

like

Can partners comment whether Pwc is having another round of layoffs. This is so scary! Shouldn't they rid of partners who can't sell first?! Or pause hiring? Opp. cost to find and train talent again?

like

Smart to look for a new job with a “recession” looming? Wanted to leave by end of the year, but nervous I’d be the first laid off at a new spot

likesmartfunny

Any Freemasons lurking around here!? Thinking about making a Bowl for my Traveling Brothers. Maybe to talk about how we view this unique Labor (consulting) in a Masonic context, post some inspirational messages, recommend good books, idk stuff like that...

like

Like most consulting firms, we have a shutdown from “December 24th - January 1st”. But we also have an “unlimited PTO” policy.

I started end of July this year, and reached out to my engagement manager and told him that I’m planning on traveling and will be OOO starting December 13th instead of the 24th.

He said this is too much and that he can’t guarantee what the workload will be like.

Am I being unreasonable by taking an additional 9 days off?

like

Bain & Company Which are the best consulting firms and practices for Climate Change & Sustainability, especially in the Canadian geography? Also, please suggest the best Canadian city for consulting jobs.

McKinsey & Company | Boston Consulting Group | Bain & Company | Kearney | LEK | EY | Oliver Wyman | PwC | Deloitte

#ClimateChange #Sustainability #Water #ESG

like

Consulting firms, how does your company use utilization as a performance metric? And what are your targets (e.g, Junior practitioners vs senior)

like

What are the best Sales books y’all read?

like

So, what happens if you miss your utilization/billable hour target by like 70-150 hours? Tons of "impactful" PRD work

like

I'm almost at the point of an offer, and also just started a 6 month long engagement since my utilization was taking a hit. How do you fish recommend dealing with the situation once the offer comes?

like

BCG folks, I hear rumors of layoffs happening given the slow pipeline. Is it true?

like

I have a good skill set and deliver good work. My biggest issue these days is keeping my motivation and work product consistent. I get so distracted and bored sometimes. Any ideas?

like

Anyone with experience with the BIRD (scooter company) analytics test??

funny

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal