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Is there a time when I should dip into my 401k?

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Is there a time when I should dip into my 401k?

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The Learning Center Forums 401(K) Is there a time when I should dip into my 401k?

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  • #26831
    Anonymous
    • Replies 0

    Is there a time when I should dip into my 401k?

    #27015
    Bonnie
    Moderator
    • Replies 11

    I highly recommend not to. If you take your money out before 59 1/2, there is a 10% penalty. If you take a loan out, considering it is before tax contribution, the money that you return back to your account is after tax money. So, when you withdraw, you will need to pay tax again, so you pay tax twice. No smart!!!

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