[Homestead] 401k question
Clansgian at wmconnect.com
Clansgian at wmconnect.com
Sat Oct 25 21:38:46 EDT 2008
In another forum where taking money out of one's empoyer sponsored 401K was
being discussed, I was a bit surprised by the proliferation of armchair advice
that "It's YOUR money in the 401K, no body can tell you that you can't have
it."
Of course, they can. You can't have it. Federal regualtion.
It's because you have traded money for 401K lottery tickets. If you buy a
lottery ticket, you can't go back to the seller and demand your money back
before the drawing. You either win and get more money or you lose and don't even
get your original money back. But in the mean time, well, as Mike Meyer's SNL
character Linda Richmond would put it:
""I'm a little verklempt..Talk amongst yourselves. I will give you a topic:
Your money in the 401K ... it's neither yours nor is it money."
More information about the Homestead
mailing list