Is it possible to take out the money from your 401k and wealth builder? Going thru a tough time and kinda need the cash

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

Yes you can take a loan. Very easy and repay out of your paycheck

like

No penalty on a 401k loan. Repayable in 5 years unless used for a down payment on a house then 30 years. The interest paid is to your 401k account. It does not show up on your credit report.

One big disadvantage is that if you leave PwC before it is repaid, it is due in full or it’s treated as a hardship withdrawal and the 10% penalty and income tax applies

like

I took out a loan from my 401k for down payment of my house

Same as EY1. Took a loan against my 401k and am paying it out over 30 years

You have five years to pay back a 401k loan

Its dooable but should not be your first choice.,,you repay the loan with after tsx dollars and if your terminated or leave the firm 100 per cebt of the loan is due anf if you cabt repay it at that time the outstanding balance becomes taxable and you incur the additional.10 percent penalty tax

OP, not a financial advisor, but are you able to share some details on what you’re trying to achieve financially by doing this? Asking in case better options are available

You can take money out if you qualify for hardship. You will still have to pay the 10% penalty. Otherwise you can do the loan like others said above. Talk to your HR contact for more information. HR will be helpful and confidential

not to preach but from a personal finance perspective i really wouldn’t recommend it

You will also want to double check on what the repayment rights are if you quit the firm. In some case you have to pay back immediately

Director 1 is correct.

I took a loan from a 401k. I was going through a divorce and needed money to move on my own and start over. I borrowed the minimum I thought I needed and paid it in less than 2 years. OP, do what you need to do. If you have other oprions however, weight them all out first.

Related Posts

Any healthcare consultants here?

like

Does the company provide fringe benefits?

like

Got offered a pharma/healthcare role (currently work consumer side). 15% more than current role, lateral move, remote for now of course. Not sure if I should take the offer or not, given I have no experience in pharma & health. I said I would sleep on it. Advice?

like

Interview with Deloitte for Healthcare Ops transformation Senior Consultant. Wanted to know what salary range i should expect. Candidate with post 6 years of experience with Top 20 MBA degree. Currently at a competitor.

like

Anyone over 70 still teaching? If so, why and how is it going?

likehelpful

How is the maternity benefits at EPAM anywhere? Will they pay the base pay during the 24 week break?

What is a good base salary and total compensation package minimum for a Senior Clinical Program Manager position in PA? Bachelor's degree, 5+ years of Healthcare experience, 3+ years of outreach activities and quality initiatives, insurance plan experience, 3 years experience managing a pcp office. Would be first role at this level.

What would you do?

(Or really this is just me typing out loud. )

Currently 6 years at job A at 100K and 10K annual bonus but lil to no upward mobility. It's safe if not going anywhere.

Recruiter reached out regarding Job B at 130K with greater advancement potential but it starts out at 6 Months Contract to Hire per the agency contract. No bonus, benefits adequate by comparison. There is no guarantee to go full time.

Interview just for practice?

likehelpful

Just wanted to celebrate a little for completing my first week as an ACD and first week back after maternity leave.

likeuplifting

I return to work from maternity leave (PwC) next Monday. Am I supposed to contact someone or just login as per usual? I figured someone would contact me to get me back into things. Maybe I think they care too much HA.

like

How do you calculate what tax bracket you will be at when you retire? Keep reading choose the option based of what tax bracket you will be at retirement but I literally have no clue

like

Hello! I’m starting to look for remote Recruiter position and would love to get into the Tech industry. I’ve worked in a fast-paced, full-cycle Recruiter role in Healthcare for the past year and more of an administrative role the year before that. I have my Bachelors degree in Marketing and frequently pick up design projects for our campaigns.

I’d love to chat with anyone regarding this industry change and hear of any leads you may know of! Thank you in advance!!

like

What is your agency’s maternity or paternity leave policy?

like

Which Big4 is better in terms of benefits ?
Considering the mobility, leaves, insurance and WLB. Who has the longest paternity leave ?

Hoping to get my PHR in the next year or so. Outside of employer reimbursement, are there other opportunities for this to get funded? I know SHRM Foundation offers scholarships for the CP, but I am looking for PHR specific help. Thank you! :)

Does Amazon have a Mobile phone cost reimbursement policy?

like

Hey Guys, off topic question... My mom has a savings account in a Punjab National Bank branch. Recently while trying to do transaction branch manager is informing her account has been blocked as per SEBI directive, he is not showing any proof for the same. Now my mother does not even have a DEMAT account, nor does she have any dealings with stock market. Any suggestions on what to do regarding this? Please help with suggestions, we are completely lost as to what to do. Punjab National Bank

like

Anyone have insight on Solution Engineer - Marketing Cloud - Healthcare at Salesforce? Would love to chat. Thanks!

like

I have been working in Austin/cedar park/ round rock as a dental assistant for two years. I’ve just been promoted to office manager at a small private practice. What would be an appropriate hourly wage? Currently no benefits are offered, but may be in the future.

helpful

Ripple XRP - Bloomberg terminal, bank partnerships, Amex, and more - Forbes, Fortune, Business Insider articles - recent jump to $0.74

like

More Posts

Anyone else out here without a bachelors degree struggling to get a job?

like

Python is a very popular programming language. But there aren't many python jobs in the market?

like

Do you think you as a strategist have a unique way of solving strategic problems?

like

Is there anyone out there who uses Fast Bridge for Progress monitoring who is willing to teach me how to read this stuff? I asked one of my co-workers and I was told it doesn't help and its garbage.....HELP

likehelpful

Need EXPERT SUGGESTIONS!
10months into a project with skill mismatch.
Constantly being moved within teams.
This last team movement has played havoc.
Can't meet productivity anymore.
Can't meet target anymore.
No appraisal or SL movement yet.
No positive feedback on Workday.
I'm on wellness program for mental support.
Still calling me for RTO this Monday.
Are they planning PIP on me?
Should I put down my papers?

like

KPMG SA here in the Strategy practice at 165k base, up for M promo this year. Can anyone give me an idea of what % base increase I can expect? Does bonus structure change also?

likehelpful

Hi all! I’m a social media strategist at a multicultural ad agency and I was looking for some resources (books, articles, podcasts, etc) about marketing from a multicultural perspective.

Thank you in advance!

like

Hello Fishes,

Current CTC: 24 LPA

YOE: 5 years

Tech: Backend Developer - Java

I have got the below offers :

Paytm: 32 fixed + 1 Joining Bonus

Mobileum: 32 fixed + 3 Variable

Yubi: 30 fixed

Payu: 28 fixed + 4 Variable

I am confused. Please suggest which one would be a better company to join.

like

Can someone explain using VA healthcare while having private insurance? I have a non service connected condition I need checked out but my private primary dr can’t see me for like 2 months.

What will I be responsible for costs? How does it work with my private insurance? My deductible which I haven’t hit yet? PwC has terrible super high deductible insurance if it matters. I’m also 90% service connected any priority group 1.

like

Any couples have or had a consistent “third?” If so, has the worked out well? To be clear “third” here is not a throuple but just a consistent outside sexual partner.

like

New to city, what is the likelihood of getting a 4 bedroom in a decent building somewhere downtown(noho, little Italy, soho, Nikita, Greenwich Village, etc)? Budget is 7200 with Sept 1 move in

like

Anybody from TCS and working at Qualcomm..

What buckets would you generally use for cases?

like

Anyone bought Everlane clothing/shoes? Opinions? I like their oxfords but not bought

like

Anyone have any insight on Parallel Consulting?

like

Thoughts on living in Deep Ellum in 2020/pandemic times? For context, early 20s/single and I like being able to walk to food and drink. Any apartment recs? industrial loft style would be a plus but not necessary

like

Hello all, currently I am a squad lead/product owner with 11 years total experience & 6 years related experience as BA & Product owner. I am looking to switch to a Senior product manager/Product Consultant for global projects. Questions. 1) is this a right growth trajectory I am anticipating? 2) any suggestions on how can I make this switch?

like

Does anyone actually love their job and the company they work for? Would love to hear how you found these opportunities

like
like

Hi Everyone,
Need urgent help...my LWD had only 10 days left ..which one to choose
OpenText
Pubilics sapient
Pubilics Sapient is paying +5 more than openText.
Can anyone please help me in this??

like

Additional Posts in Accounting

Looking for a new office chair at home. Any suggestions?

Two key qualities: comfortable and adjustable

Price is very flexible. Much rather pay more for a nicer chair than get a deal.

Thanks!

like

How do you calculate your utilization and what % threshold is the goal for each level (audit) ?

like

If I give notice to go work for a competitor, I expect they’ll immediately walk me out. Do I still get paid for two weeks?

like

Looking for job in SF. Currently tax senior making 9x K. Pretty open for type of jobs (public Or industry) but don’t want another busy season. DM if you can refer

like

Didn’t work at all this weekend. Bad idea. Currently feeling the overwhelming weight of compliance season…

Never justifying not working weekends because “I deserve it” ever again.💀

likefunny

Craziest inventory count stories, go

like

Any CPAs here that studied and took the GMAT after licensure? Currently looking into prep paths for it, am interested to hear perspective from someone who took both on how you prepped for it compared to CPA. After the hell of passing all 4 CPA exams what I've read so far about the GMAT honestly makes it sound fairly straightforward in comparison, but I don't want to let my CPA ptsd influence me into underestimating it if it's way more demanding than it looks on the surface.

like

Just got through my first year end review cycle. Employment is still intact even though I'm on a PIP so that is a huge relief considering what I've been reading here.

like

Bank is asking for verification of employment in securing mortgage. What contact should I give at KPMG?

like

How many stoolies do we have on here? #vivalastool

like

Anyone take the CFF exam?

like

Is Boston part of our Northeast? Yes, right?

like

Auditors complaining about life is interesting. Tax professionals seem to be in a constant busy season whereas the audit counterparts are busy 2-3 times a year

likehelpfulfunny

Anyone know what comp and wlb are like at FAANG companies? Is the wlb worse than other industries?

like

For those who switched from one Big 4 to another, which firm did you switch from and went to? What motivated you to change and how did it work out for you?

like

As a senior, I am dealing with trying to get answers from management but those above me want to be the filter and asker of all questions with the client. That is fine, each team has a preference.

But the questions do not seem to get asked or when they do the answer isn't right. How do others deal with this issue?

like

What are some of the best careers in the financial services industry?

Please explain:
Why: Coolness, WLB, Comp, Relationships, Ease-of-work
Compensation:
Career Progression:
Nature of work:

like

Houston or Phoenix?

like

Hi tax 🐠,

I have a question for those who prep individual tax returns. My parents claim my grandfather as a dependent on their tax return and due to their low income, receive PTC for the premiums they pay on his insurance (not eligible for medicare). However, would it be advantageous to have him file for his own tax return (he stays with my parents and doesn't have his own proof of residency via bills). If so, can he get PTC if his income is 0?

like

Had final round interview today for an Accounting Manager position at a large public tech company. Recruiter (internal) that scheduled the interview sent an email to schedule time to chat tomorrow. Does this mean I am getting an offer?

like

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

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

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