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Author: PaulieG Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 25230  
Subject: 401(k) withdraw home purchase Date: 4/17/1999 6:09 PM
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I am 29 years old, and have $100,000 in my 401(k)
plan due to some profitable internet stock picks a
few years back.

I would like to withdraw some for first time purchase
of a home. Is this advisable? I would like to take
as much as $30,000 for 20% down on a place that
sells for $145,000.

Given my young age, I consider $100,000 to be a
great sum for retirement investments. I have the
rest of my life to earn and contribute to that 401(k),
and better to pay on a mortgage than rent.

Perhaps $30,000 is too great of a withdrawal -

What do you think of this idea in general for a young
person.

thanks,
PaulieG
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Author: Bobbcat Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1721 of 25230
Subject: Re: 401(k) withdraw home purchase Date: 4/17/1999 6:23 PM
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Does your plan even allow for hardship withdrawals?

Do you realize a hardship withdrawal will allow you to withdraw only your contributions, but none of your income on those investments?

Or, are you considering a loan from the plan? That's usually limited to a 5 year payback unless you can convince your plan administrator to make a loan with the house as collateral (mortgage) and it's still limited to 15 years.

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Author: PaulieG Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1744 of 25230
Subject: Re: 401(k) withdraw home purchase Date: 4/19/1999 5:25 PM
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>Does your plan even allow for hardship withdrawals?

The plan does allow hardship withdrawals for purchase of primary residence, uninsured medical expense, higher educational expenses or undue financial hardship. These withdrawals will allow me to withdrawal any portion of the funds, as that is how the plan is written and I am fully vested.




>Or, are you considering a loan from the plan?

I am not considering a loan from the plan. This plan does not allow loans.



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