Is it advisable to withdraw from 401K savings? In a financial difficulty & trying to assess options where I don't have to ask friends/family. I'm an international, so tax implications vary.

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You can take out a loan of up to 50% of the vested amount. Decide on repayment schedule and amount- then that gets deducted from your paycheck. You pay 4% interest on the loan but you're paying it to yourself.

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What K1 said - never withdraw, take loans against it

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Also, I'm assuming you have sometime before you're let go (do not resign, let them run you through their process). Open a bunch of credit cards, take the 401 hardship withdrawal and use the 401K money to pay down minimum. That should give you a year's runway! Good luck bro, this is a good market so you'll land on your feet before you know it!

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The general rule is never, but I had to do it once myself for hardship reasons. It's a last resort move but if it's the last resort, do it. It's your money in the end.

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Unfortunately, requesting a loan isn't an option as I'm being let go. I'm considering the hardship withdrawal option.

Never

Go for it! The market is overheated anyways

EY1 - thank you. Very helpful.

Check your 401k loan option details. I left a former consulting company and they let me keep my 401k account with them active and even today, years later, I can still take loans from it if I want. Depends on the firm. Definitely better to take the loan than hardship withdrawal.

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