401k Early Withdrawal

401K Tax Deductions
The 401K plan is an employer sponsored retirement savings plan in which the employee transfers a portion of his/her wage into the retirement account. This plan allows an employee to save for the retirement without attracting any immediate income tax on the deferred amount. The 401K tax deductions are granted until the money is withdrawn. Usually, the job of monitoring the plan is sourced to a third party controller such as an insurance company, Read More...
Paying Off Credit Card Debt Using Your 401k Retirement Money
Scenario: I have around $25,000 in credit card debts. Will it be a wise move to use my 401K money and pay off the cc debt? The total amount of cash in the 401K account is 45,000. I am behind on many of the payments and wish to get out of debt asap. Please advice. Solution: You can only take out a 401k loan provided your company allows for it. Legally, you can borrow up to $50,000 or half of the money in your 401K retirement account, whichever is Read More...
Cardinal Rules Of 401k
With the job market getting so dynamic, it is quite common to see people changing their jobs more often than they change their socks! In fact, you may not find a person who has worked in the same company for more than five years. The increase in frequency in job change means that people have to deal with 401k issues more than before. So, if you are changing your job, make sure you know the three cardinal rules of 401k. Cardinal Rule 1 You shoul Read More...