Archive for August, 2010

Do I have to pay all the 401k money I withdraw plus the penaltites?

Wednesday, August 25th, 2010
rjwebb26 asked:


I only have $2373 invested in my 401k and no longer work for the company. I received some information about withdrawing it. Do I have to pay the percentage of taxes back on this amount or do I have to pay back the $2373 plus the taxes?

Auto Parts
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Posted in Financial Planning | 2 Comments »

Can someone explain the pros and cons of borrowing from a 401K account?

Tuesday, August 17th, 2010
Neal B asked:


I would like to pay down my debt with a 401K loan. Is this a mistake?

Car Prices
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Posted in Financial Planning | 5 Comments »

what happens if I take out a loan on my 401k and the stock market crashes?

Monday, August 16th, 2010
asked:


For example, if my 401k is worth $10,000, and I take out a $5000 loan, and next week the stock market crashes and the total value of my 401k drops to $3000 - what do I have to pay back?

Paying Off Debt
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Posted in Financial Planning | 6 Comments »

was offered a new position in which I will not be eligible to contribute to the 401K plan until after one year?

Friday, August 13th, 2010
dday asked:


I would like to contribute to retirement savings during that one year though. Would it be better to open a new account such as an IRA or have my husband contribute a higher percentage into his 401K? Also, I have money left in my previous employer’s 401K plan which I have just left there since ending my employment. What are the best options for the money in that plan?
Thank you.

Sports Equipment
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Posted in Financial Planning | 3 Comments »