Posted on: 26th Apr, 2013 11:59 am
i am 60 years old and need $22000 for surgery which my insurance will not cover. i have $500,000 in a 401k should i take that money out of my 401k or take out a home equity loan
Hi Fryguy,
As you are 60 years old, you can take money out of your 401k account and won't be liable for any kind of penalty. It will be a good option for you.
Thanks
As you are 60 years old, you can take money out of your 401k account and won't be liable for any kind of penalty. It will be a good option for you.
Thanks
Hi Fryguy!
Welcome to the forums!
James is right. As you won't be liable for any kind of taxes or penalty, you can take out money from the 401k account.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
James is right. As you won't be liable for any kind of taxes or penalty, you can take out money from the 401k account.
Feel free to ask if you've further queries.
Sussane
it would be cheaper by far to take money out of your 401k account.for home equity loan you'll need to pay the closing costs which are almost similar to the costs in a second mortgage. then there is the interest on the loan.besides qualifying for the loan may also prove to be a challenge.