401K Financial Planning

Fly in the Ointment asked:


After 8 years of negligence and neglect and fiscal mismanagement from Republicans in charge, resulting in a 50% drop in your 401K, Democrats have brought it back up quite a bit. Would you rather a Republican be in office with the voodoo economics that they are so well known for, or would you prefer a more Clintonesque approach?

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Gene asked:


I am sure that if someone is facing foreclosure on their home, that they have the option to take money out of their 401k without penalty.

Is this accurate?

Thanks.

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Interested asked:


I currently have two children in college. I am 55 and have a large amount of my savings in my 401k. I do not have cash to help them pay for tuition, and my retirement 401k savings prevents my children from getting student aid. Is it possible to withdraw money now from my 401k to pay for my children’s tuition without any penalties?

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asked:


I need money for college and I was wondering how long it would take to roll over some or all of my 401k into an IRA then cash that out. I think this would be the best way to reduce penalties and some tax vs. a hardship withdrawal from 401k. Taking out bank loans are not in the cards right now and financial aid doesn’t cover enough.

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Mister Mo asked:


I asked my 401k administration company for an early distribution, acknowledging that I would have to pay a penalty. They simply refused to give it. Is this legal? I assumed an early distribution was my legal right.

Please, no reply unless you know the definitive answer. I would also appreciate a citation of the specific law or IRS publication if appropriate.

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