There are lots of us out there like you. Having no money teaches us how to live within our means, so we are the better for it. I had a 401k back in 2008/2009 and I lost almost half of what I had in my account before the company downsized and I was one to go. I took my 401k and paid off my home. I like to have never got the money because the people who held my account kept trying to get me to leave it in there. But I told them , "No, I'm not paying for some Wall Street Broker who already owns 2 or 3 homes, a Rolls Royce, Porsche and all the best in life. I just want to pay off my little acre of heaven on earth." Finally when she knew she was wasting her breath, she sent me a check to my bank. And I've been paycheck to paycheck ever since. God sees me through and meets my needs. I want for nothing and I praise him for it.
How long did it take to get your payoff paperwork? When we paid off our mortgage in 2015 it took months to get the paper. We asked our hometown bank what the holdup was and the president said he guessed they weren't used to processing payoffs.
Once I got the money from them and into my bank, I had a teller who knew me well and she made me a certified bank draft and had all the information to the bank that held my mortgage. I think it was processed and sent to me in less than 2 weeks. That was in 2009. Things move slower nowadays.
I paid my 30% taxes for early withdrawal so it was mine to do with what I wanted. I was not returning to the manufacturing plant once they downsized because they were merely going to 'hire' new workers at a lower pay scale. So I got to spend mine which I paid off my home with. Also we could borrow from it for mortgage payments while we were employed there but I would have had to paid it back in. But like I said, I was then unemployed and so it became mine to do with what I wished.
There are lots of us out there like you. Having no money teaches us how to live within our means, so we are the better for it. I had a 401k back in 2008/2009 and I lost almost half of what I had in my account before the company downsized and I was one to go. I took my 401k and paid off my home. I like to have never got the money because the people who held my account kept trying to get me to leave it in there. But I told them , "No, I'm not paying for some Wall Street Broker who already owns 2 or 3 homes, a Rolls Royce, Porsche and all the best in life. I just want to pay off my little acre of heaven on earth." Finally when she knew she was wasting her breath, she sent me a check to my bank. And I've been paycheck to paycheck ever since. God sees me through and meets my needs. I want for nothing and I praise him for it.
How long did it take to get your payoff paperwork? When we paid off our mortgage in 2015 it took months to get the paper. We asked our hometown bank what the holdup was and the president said he guessed they weren't used to processing payoffs.
Once I got the money from them and into my bank, I had a teller who knew me well and she made me a certified bank draft and had all the information to the bank that held my mortgage. I think it was processed and sent to me in less than 2 weeks. That was in 2009. Things move slower nowadays.
I thought if you cashed out your 401k it had to go into another qualified vehicle. If not you get fined.
I paid my 30% taxes for early withdrawal so it was mine to do with what I wanted. I was not returning to the manufacturing plant once they downsized because they were merely going to 'hire' new workers at a lower pay scale. So I got to spend mine which I paid off my home with. Also we could borrow from it for mortgage payments while we were employed there but I would have had to paid it back in. But like I said, I was then unemployed and so it became mine to do with what I wished.