Can I withdraw ROTH 401K somehow?

[Smooth_Loader]

My wife and I are currently going through the process to buy our first house and was planning on using my 401K for the closing costs. Yesterday, I call Prudential Retirement and they tell me because it is a ROTH 401K I can't withdraw it, transfer it, take a loan from it, or even a hardship Unless I quit or am 59+ years old..

Is this right? No one at UPS told me that there would be this extremely stupid plan, nor did I know there would be this stipulation in this 401k or else I would've changed it a LONG time ago.

Is there anything at all I can do?

 

[IVE GOTTA PACKAGE 4U]

No in-service withdrawals allowed. You should have saved the money in a savings account for that purpose.

 

[Jkloc420]

My wife and I are currently going through the process to buy our first house and was planning on using my 401K for the closing costs. Yesterday, I call Prudential Retirement and they tell me because it is a ROTH 401K I can't withdraw it, transfer it, take a loan from it, or even a hardship Unless I quit or am 59+ years old..

Is this right? No one at UPS told me that there would be this extremely stupid plan, nor did I know there would be this stipulation in this 401k or else I would've changed it a LONG time ago.

Is there anything at all I can do?

regular 401k you can, one of the reasons you can withdraw is buying your first home

 

[Wilson1397]

No in-service withdrawals allowed. You should have saved the money in a savings account for that purpose.

I can loan him the money but he won’t like the interest rate......lol

 

[IVE GOTTA PACKAGE 4U]

regular 401k you can, one of the reasons you can withdraw is buying your first home

You should never take any money out until you retire.

 

[Smooth_Loader]

I honestly wish I knew about the plans when I first started. No one at UPS has ever told us about them..

 

[Jkloc420]

You should never take any money out until you retire.

it is basically a loan to yourself. I took out money for my house and paid myself back in five years

 

[Jkloc420]

I honestly wish I knew about the plans when I first started. No one at UPS has ever told us about them..

Prudential is horrible, I dont even have an option for a Roth 401k

 

[Smooth_Loader]

regular 401k you can, one of the reasons you can withdraw is buying your first home

I even told them that I was for my first house, and they said because it is a ROTH. It wouldn't be possible..

 

[IVE GOTTA PACKAGE 4U]

Prudential is horrible, I dont even have an option for a Roth 401k

Are you sure about that.??

 

[Smooth_Loader]

it is basically a loan to yourself. I took out money for my house and paid myself back in five years

Honestly at this point if I could take that option I would, but I get no where talking to the people at Prudential. It's extremely frustrating to say the least.

 

[Jkloc420]

Are you sure about that.??

yes, it is there but I can't do it

 

[Jkloc420]

I even told them that I was for my first house, and they said because it is a ROTH. It wouldn't be possible..

mine was from a traditional 401k

 

[Jkloc420]

I even told them that I was for my first house, and they said because it is a ROTH. It wouldn't be possible..

I'm guessing a Roth gots different rules

 

[IVE GOTTA PACKAGE 4U]

yes, it is there but I can't do it

Why not?

 

[DriveInDriveOut]

it is basically a loan to yourself. I took out money for my house and paid myself back in five years

 

[Jkloc420]

View attachment 191822

um I used it to get a house

 

[DriveInDriveOut]

um I used it to get a house

make me a sandwich

 

[Jkloc420]

make me a sandwich

I'll make you a tuna fish

 

[DriveInDriveOut]

I'll make you a tuna fish

i always wanted to be a sea chicken