401K Financial Planning

mezwood asked:

My husband is about to quit his job to go to a better company. He has about 6,000 in 401K invested at this time. He seems to think that we will be able to withdraw that 6,000 from his 401K and use it to help with the expenses of moving, and possible towards a down payment of a home…I was always under the impression that a 401K can only be accessed when you retire…can anyone tell me what the rules are with a 401K?


Question posted courtesy of: Alvin

King asked:

so what happen to your 401k if i die now? who will get the money? i got no family and also if we try to withdraw our money there’s a 10% penalty or more, plus tax so theres no benefit on this 401k ,all the rate that u build and save just goes to the penalty and tax. but this is only a dumb opinion of mine so please enlighten about this 401k. how it will benefit me and i dont think i will live long enough to buy a coffin from 401k.


Question posted courtesy of: Monica