The 401k Layoff Trap

401k Layoff Trap | Credit Guy

401k Layoff Trap | Credit Guy — Wed, 01 Jul 2009 00:01:22 GMT

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401k Layoff Trap | How to Repay a 401k Loan

401k Layoff Trap | How to Repay a 401k Loan — Mon, 29 Jun 2009 10:07:46 GMT

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Home Based Working Moms

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re: The 401k Layoff Trap

Cinnamonhuskies — Tue, 07 Apr 2009 23:43:25 GMT

OK I wrote a blog along time ago explaining the reasons behind our 401K withdrawl last fall, so i won't repeat myself. I will say that when our taxes were all done this year, we did not have to write a check to the IRS as feared; we had enough misc farm and business deductions to just about break even, which i am thankful for. We still have the lion's share of 401k left in our Fund acct. that we manage ourselves as my husband's new workplace does not offer 401k yet. We used the cash to pay off our debt....because to not do so would eventually result in chargeoffs or worse yet bankruptcy, due to the lowered wages we have to deal with now. While I don't reccommend touching retirement savings, I will say it was a prudent move for us. We also had an emergency fund that was depleted by the time we decided to dip into the 401k. So we had done everything by the book, and were looking forward to having our debt gone within 3 months anyway....when life dealt us a blow. This is how i chose to deal back. I am fortunate the penalties and taxes were not as harsh as I'd been prepared for.

re: The 401k Layoff Trap

cheapChic — Fri, 03 Apr 2009 02:08:59 GMT

un employment go to the office and apply thats what its for or go online to apply for it just leave the 401k if you take out before 59 1/2 you will be stiffed by the IRS for a penalty and aways have 6 months to one year of saving in case of the layoff but leave the 401k alone donnot put anything in it until you talk to some one about it I learned the hard way...

Now there is no income for me because of the 401k and a husband soon to be ex hubby who blew all the money in sight...

Live Well With Bad Credit » Blog Archive » The 401k Layoff Trap

Live Well With Bad Credit » Blog Archive » The 401k Layoff Trap — Tue, 31 Mar 2009 19:00:43 GMT

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