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401(k) and a few questions.

The Mule

Jack Of All Workcenters
Joined
Jun 9, 2011
Messages
344
Trying to catch up on some bills, some of them important. Here are my questions:
  1. What are the options for accessing the money I have invested?
  2. Do I have to pull the whole thing? Can I borrow against it and pay it back over time with less penalties?
  3. What is the minimum I need to have invested before certain options can be used?
  4. How long does it take to receive the funds?

Any help on this would be appreciated, thanks!
 
Joined
Jun 8, 2011
Messages
30,586
33% tax will be charge for early withdraw. Active tm's can do partial loan w/tax. I am not sure on how fast.
A 2nd option is your pension plan depending how long you have been with spot.
The website or calling the benefits center for more info:
Targetpayandbenefits.com
Target benefits center - 800-828-5850 - 9am to 7pm - mon to fri
I hope this helps.
 
Joined
Jun 17, 2011
Messages
698
You can borrow against your 401k for general purposesand pay it back over a period of three years,there is a fee,it used to be $75 and the interest you pay on the loan is paid into your account,if you leave the company before the loan is repaid,you may be liable to pay tax and penalties on it,I think you might be able to get funds within a week,you fill out an application on line before the close of market and you are on your way.
 
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