We are gonna make it!

[Bear]

We finally got in touch with the right people and got our money out of the 401k. It's not a ton of money or anything, but since I still haven't been approved for unemployment it was a HUGE relief to know that we can pay the bills that have been rolling in.

 

[uhoh]

It's too bad that you had to use it but sometimes it can't be helped. Can't worry about retirement over much if you're looking at keeping a roof over your head. I hope you didn't lose too much to penalties and tax?

 

[Betterman]

We just got our 401k cashed out as well. I was extremely disappointed to have to do it, but it's allowing us to be able to move into a place with lower rent.

 

[polamalu43]

Just be careful, you will be taxed on this and it's a high tax rate and penalty. I know because I did it too. I was going to pay it back but then I quit that job, so I was taxed as income.

 

[Andersson]

Congrats! I have actually heard the 401k run around is just as bad as the paperwork on closing a house or swapping insurance companies in the middle of a doctor/hospital treatment. Good to hear it has all worked out okay.

 

[Victor]

It's a shame you had to rob your retirement but sometimes you have to do things like that to keep everything going in the present. I'm glad you have some breathing room now.

 

[Bear]

Well, we accepted the fact that our retirement was little more than a myth a long time ago. We are still working out the taxes, but my wife's brother is a CPA so we should have it covered. So far we haven't done anything but buy a laptop (I'm going back to school and my wife works from home on the desktop) and put enough money in our mortgage account to pay the house payment for the rest of the year. I also finally got my unemployment approval so we still have money coming in to help with the bills. All in all it's been a pretty great week!

 

[BigPapa]

Bear, that is great to hear. We had a problem a few years back before I got my freelance work off the ground and used my 401k from my previous job. It allowed us to put a downpayment on a land contract house that was a lower monthly payment than our rent and pay the utilities.