• MsPenguinette@lemmy.world
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    6 months ago

    Fun fact: you can withdraw from your 401k. While there is a hefty tax penalty, you still can do it. Maybe you can get a down payment on a house or pay off student loan debt. Just make sure you withhold taxes from your payout. Don’t get caught with that bill at tax season

    Especially handy if you have a job with good matching and instant vesting. Of course, this is not finacial advice, but it is an option that exists.

    • AwkwardLookMonkeyPuppet@lemmy.world
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      6 months ago

      You can use $10k from your 401k for a down payment on a house with zero penalty. If you’re married, then your spouse can do the same. So now you have $20k for a house down payment! With an FHA loan you can buy with as little as 3.5% down, which your $20k should cover. Weee!