401k question..need some advice

[e22s]

So i have about $4,000+ in my 401k...good idea to take out? take a loan against it? or just keep putting money into it? I mean I could use the money to pay offbills but it wont hurt either to leave it. Can anyone take me to school on this please. Thanks in advance.

 

[ps2child]

hmmm. how old are you? and whats your occupation now?

 

[e22s]

I am 23 and I currently work in retail.

 

[inshoekid]

Well your going to have a penalty if you take any out. If you need money I would stop contributing for awhile. But that would be a last resort. The money yousave in your 20's is where you get your biggest gain in the end.

 

[dagreatj]

don't touch or RIP

 

[ps2child]

Originally Posted by DaGreatJ

don't touch or RIP

ye $4k thats pretty good for where your at right now. and assuming your not in your career field yet. i say wait 2-3 more years and youll havesome nice change in there. i built up like $1200 in mine and i said @#$% it send me the check and i got around $900 after the penalties. i need to start minesback up again.

 

[sloanboy]

dont touch it............ i got about three in mine im only 22 tho

 

[mnmballa2323]

30% penalties are not worth it. dont touch it, you will need it one day.

 

[eaalto]

Just leave the money in the account, and liquidate some of your other assets to pay off your bills. Get rid of some of your shoes if you have to. I can tellyou one thing, by the time you're 60 and retired (or close to retiring), and you look back at your life, I guarantee you that leaving that money in youraccount will have been the smarter decision. You will think you were an idiot for having wasted so much money on shoes (if I am to assume you are like the restof us who have wasted way too much money on shoes). At least I think I'm an idiot for owning 100+ pairs. If only I had known......

 

[e22s]

thanks for the response...looks like its staying in the account