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Can I close my 401k account temporary and withdraw all my money while I am still employed and under 40 years?

I've been struggling with paying my credit cards and debt turned my life into a nightmare. I am still employed and I am 37 years old. I already have an active 401k loan, so I have no other option I guess! Thank you

May 06, 2019 by Nicholas in  |  Flag
2 Answers  |  3 Followers
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Most 401k plans will not allow you to take premature distributions before the age of 59 1/2 if you are still employed. The exception to this is for financial hardship, but credit card debt will most likely not count towards that exemption.

3 Comments   |  Flag   |  May 07, 2019
Nicholas

Thanks but so if its the only way from preventing my life from collapsing , what should I do ? I cannot file a bankruptcy and my credit cards and loans turned my life to a real nightmare!

Flag |  May 07, 2019
Mike

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Flag |  Dec 16, 2019
Mike

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Flag |  Dec 16, 2019

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Nicholas, Your plan documents might allow for a 401(k) loan up to 50% of your 401(k) account but you will have to pay it back. I recommend Reading a Dave Ramsey book.

Comment   |  Flag   |  Jun 11, 2019

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