Annie
 |
No. if you're thinking about this, then you can't afford a house right now. You need to wait and save up your down payment.
You will pay a penalty for taking it out, plus taxes...very bad idea. |
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aecruiser
|
Absolutely not. The reason is because you will pay a 10% penalty if you are under retirement age and then ordinary income tax on top of that. That is a 30%-40% hit right off the top. Would you take a 30%-40% loan to buy a house?!? Besides that, you take away money that had the ability to earn you 10%-12% a year (if invested in mutual funds). Leave this for retirement and save up for the house.
Hope this helps! |
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bewareofuser
 |
I am a real estate agent and no you do not have to drain the account I could get you a house for little or no money down so the better question is why are you not calling me for help?? |
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Gilbert V
|
no....some 401k programs allow for loans...you might be able to do that....but never cash it in...take a bank loan to buy the house...use the 401k loan as a down payment if necessary. |
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BAL
 |
If you need a place to live and have no money for a down payment, that is one way to get it.
But historically the stock market over extended periods of time has given better returns than owning a house. I would leave the money in the 401K if I could avoid it.
The 401k is also protected against personal bankruptcies (that is, creditors can't get at it). You can lose a house in bankruptcy along with any equity you thought you had. |
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Bright
|
NO NO NO NO NO... if you cash it out you will have to pay taxes on it & have nothing for your retirement! NO NO NO!!! Get a mortage for the house. |
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CT
 |
No. Save money to buy a house. |
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xin_de_kai_shi
|
No.
401k = Retirement
House = Right now.
I wouldn't. |
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dtown
|
NO!!!! I did it for a small amount almost 20 yrs ago for a house. Marriage failed, house didn't profit in the sell, divorced, then spouse died years later (since the divorce came 1st, no benefits for me). Now it's time for me to retire and I wish that I had the money. If you cant afford it without cashing in, then you can't afford it, period! |
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wintericegirl
|
Your choice matters... |
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mommacat
|
No. Keep that for retirement |
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SagetMaster
|
no.... |
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naturophatic healing
|
NO NO NO NO NO NO NO NO NO NO please
cash it and send the money to me, I need more than you do.
Dont buy a house, is a headache
dont buy a car, is a headache
dont buy properties, is a headache
given it to me, IS A GREATFUL SATISFACTION |
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Beautiful Disaster_21
|
no
you should cash it to buy me a house
haha
but yeah
if you want to use it for that!!!
its kinda up to you
not us!! |
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johny
|
if you want one then yes |
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