I am in desperate need of taking out some money from my employers 401K. I fully understand the very negative tax implications involved and future retirement problems. I cant retire for 20 more years. I will inherit my mothers house valued at 500,000 or more when she passes in 5 to 15 years. That is my retirement.
I am 49, recently married with twin sons 1 1/2 years old. So we have 1 income and I do not make enough to pay the mortgage, taxes , home equity loan we made to enlarge our small house for out two sons, and credit card debt.
My Employers plan allowed me to take a small amount to help pay for the addition to the home. They say I can take more as a hardship. One of the hardship scenarios they described were foreclosure of home.
My question is how do I prove hardship to do to take the rest of my 401K money
Thank you
I am 49, recently married with twin sons 1 1/2 years old. So we have 1 income and I do not make enough to pay the mortgage, taxes , home equity loan we made to enlarge our small house for out two sons, and credit card debt.
My Employers plan allowed me to take a small amount to help pay for the addition to the home. They say I can take more as a hardship. One of the hardship scenarios they described were foreclosure of home.
My question is how do I prove hardship to do to take the rest of my 401K money
Thank you