Posted on: 17th May, 2009 03:14 am
Would it be wise to withdrawal $4000 from my 401K to pay off some credit card debt? (currently my 401K is at $17K)
Hi Guest!
Welcome to forums!
You can withdraw money from your 401k account to pay off the credit card debts but you should note that any withdrawals from the 401k account before the age of 59½ is subject to an excise tax equal to 10%.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
You can withdraw money from your 401k account to pay off the credit card debts but you should note that any withdrawals from the 401k account before the age of 59½ is subject to an excise tax equal to 10%.
Feel free to ask if you have further queries.
Sussane