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@Anonymous wrote:
That is why you don't cash out. You take a loan on it and when paying back you are paying yourself interest.
Quick question; are people still able to take out a loan on their 401k if they're no longer working?
@Anonymous wrote:
@Anonymous wrote:
That is why you don't cash out. You take a loan on it and when paying back you are paying yourself interest.Quick question; are people still able to take out a loan on their 401k if they're no longer working?
No, I didn't think that was an option. They give you the option to roll over or cash out your 401k.
@Anonymous wrote:
That is why you don't cash out. You take a loan on it and when paying back you are paying yourself interest.
@humuhumunukunukuapua'a wrote:
You cannot take out a loan on a 401k when you are no longer working.
First step is to contact the medical providers and see what they can do for financial hardship to help lower the costs (medical providers can be somewhat flexible in situations like these). You should not apply for more credit cards if you have no income, because if you lie about your income and then end up in bankruptcy later on you will be screwed and will probably not get the debt discharged. I'd avoid any loans that will have interest soo high that you have no chance to pay it back, especially because they will want to know your income and like with the credit cards you will have a problem if you are not honest about income and then default.
Big problem with raiding your 401k is that retirement accounts are protected in the event of bankruptcy.