401k options after leaving Target

[callmetaylor]

Hey guys!

So I searched the forums a bit and saw a lot of great info on the 401k loans and whatnot, but didn't see anything addressing my particular issue.

I'm in the process of moving and I'm having to break a pretty terrible lease to do so and I was hoping to borrow from my 401k to cover that expense. Does anyone know how/if I can do this while I'm no longer employed by the company? I never did anything with my 401k after leaving...it's just kinda been sitting there. Can I do a loan if I'm no longer with Target? Or would I have to cash it out? I understand I would take quite a hit on it- I'm not worried about that- the benefits would far outweigh the downsides in this particular situation.

Any help would be greatly appreciated!

 

[Hardlinesmaster]

You can cash it out & take tax hit. You can not do a 401k loan with spot if you don't work there. You will get info within 30 days of leaving.

 

[Poofresh]

Don't do it. Find another means for the money. 401k is your future.

 

[Planosss]

I think 401k borrowing rules have changed due to covid.