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Can I Use My 401k To Buy a House?
cnasty328
Posts: 1 Newbie
I really want to put down a large sum of money on a new house and I was wondering if I could use my 401k savings? I read a few articles online but I don't know if it's true.
Any opinions?
Any opinions?
0
Comments
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Not sure how many people here are going to be able to help you. This is mainly a UK site and most people here won't know what a 401k is (I had to look it up on wikipedia). Sorry.0
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Maybe he means he has £401,000. In which case... you single???0
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or a troll?I'm now a retired teacher... hooray ...:j
Those who can do, those who can't, come to me for lessons:cool:0 -
What is 401k ?Liverpool is one of the wonders of Britain,
What it may grow to in time, I know not what.
Daniel Defoe: 1725.
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I'd move in with a troll if they had that much money
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1 more than 400,000
K=kilo=10000 -
What is 401k ?
It's a sort of pensions saving scheme, particular to the USA
more details here;
http://en.wikipedia.org/wiki/401(k)0 -
Yes you can but you will have to pay a 10% penalty if you withdraw the funds prior to reaching59 and a half year of age as the income tax you would have paid on your earnings has been deferred.
You would then pay your taxes at the standard rate.
For better advice (if you're not a troll) you should join a US board or speak to whoever deals with your 401(K).0
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