A coworker wanted to pull some 401k funds but was told he could only pull 3000.00 from his account? He needs money badly and wanted to take a loan. He was told they no longer offer 401k loans? ITS HIS MONEY and he cannot access it! WTF, is going on. We have spent our entire careers funding the 401k's and now the ass clowns at Fidelity are preventing worker's from access. This is bullshit. All of these "Benefits " are part of our benefits package. How is this leagal.
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He should file for a hardship withdrawal. if his plan allows it
The IRS allows hardship withdrawals for only the following reasons:
From what I understand, the retirement funds in Europe are definitely all gone. I am wondering if the same is true in US as well.
I took out a loan a couple months back, was allowed to take out up to 50%. This was with Fidelity.
Me too! I used it to stock up on stuff and prepare for my family. Might as well since it will go POOF before we know it.
Convert it to noble gold then dissolve it
My stupid 401K is set up that we can't withdraw anything until age 59 1/2. Loans? Yes. But I don't want to pay interest in my own money. I wanted to pull half and pay of the house before SHTF but I can't. I'm stuck for two more years. Hopeful all the money will still be there by then.
Its your money lol. A lot of people gonna lose those magical made up numbers soon.
Online? I did mine online a couple of months ago because I feel it's gonna be drained soon... Through Fidelity.. interesting. Still try the hardship loan.