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48 sats \ 3 replies \ @Bell_curve 30 Aug \ parent \ on: The Future of Social Security econ
You can tap into your IRA and 401k starting at age 59.5
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31 sats \ 2 replies \ @Undisciplined OP 30 Aug
You can actually borrow from them before that, as I understand it.
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57 sats \ 0 replies \ @DEADBEEF 30 Aug
That’s true and then you pay that loan back into your 401k.
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38 sats \ 0 replies \ @Bell_curve 30 Aug
I think it's penalty free for 60 days per calendar year
otherwise, the penalties are steep (10 percent plus income tax on the amount borrowed)
My cousin dealt with something similar a few months ago, avoided penalty after borrowing from IRA/401k
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