401K Financial Planning

i_m_mojo asked:


Recently divorced, had to use credit card to buy furniture, household items, etc. I bought a house, but had to use the equity to purchase a new furnace this past winter and replace the windows. I have about $10000 in credit card debt, and I have $84000 in my 401k.
Recently divorced, had to use credit card to buy furniture, household items, etc. I bought a house, but had to use the equity to purchase a new furnace this past winter and replace the windows. I have about $10000 in credit card debt, and I have $84000 in my 401k. (In response to Amanda: Excellent answer, but yes, the furniture was a necessity since I didn’t have any after my divorce! The windows were old, wood single pane and were in dire need of replacement.)

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asked:


On the news they reported that the average 401k can lose $10,000 and the stock market may crash again. Would it be safe to take my money out of my 401k now?

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Josh H asked:


I rebalanced my 401k in 2009 by transferring company stocks to a bond (exchange). Do I need to declare this in income tax filing? Do I need to keep some form of documentation that I need to use in the future because of this rebalancing?

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Mom of 2 great boys asked:


Is there a difference? Please explain in Taxes for dummy form. I have no clue what this all means. All I know, is that I get money taken out, and build a savings. lol

Oh, and when I leave my current employer which I have the 401k, and then go to the new employer which has the 403B, can I take out money before I put it in the new plan? Will I be taxed?

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slappzilla asked:


I have a 401K account with John Hancock. Just under $30K in said account.

I am in debt up to my eye balls.

Is it possible for me to make a hardship withdrawal? I understand that I’d probably only get $18K of it due to taxes, but I need to pay my bills before they take my house.

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zheka_d asked:


Would it be better to use my 401k money for the down payment and closing cost, instead of hard cash. This is not including a bank loan.

I am a first time home buyer. Thank you.

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totaleightiesfreak asked:


I’m going to move to an apartment, but I lost the 401k papers. Where can I print them out on here?

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LadyJag asked:


My manager did not notify HR when I went on medical leave, so payroll continued to cut regular paychecks and deposit them into my 401k and bank accounts.
Well, I quit my job, and then HR started harassing me about paying the company back. So I wrote them a check for the wages paid me during my leave.
Two months later, I get a letter from the company, saying I owe them for what they put into my 401k, including the company match amount. WHY?
If I withdraw that money, I have to pay a penalty. If I take the money from my personal account, then it’s like they’re forcing me to make 401k contributions.
Can they legally force me to do this?
Serious answers only, please - “gamers” will be reported.

Outdoor Wood Furnace

asked:


Employer cancelled 401k match without notification. Found out by reading my year end contribution report.
I no longer work for the company as I was laid off last week. I had brought this to their attention the week before my lay-off. I thought they were floating the contributions so I did more investigating. they just stopped contributing.

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michele asked:


My employer makes bi-weekly deductions from my pay check based on the amount I specify. He then holds that money (and presumably my other coworkers’ contributions) for several months before sending it to be deposited into my 401K account. This sounds illegal to me. What if the stock market surged and all my money wasn’t in my account to take advantage of it?

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