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Europe-based engineer here: Is a 401k completely unaccessible until 60? I am currently resident of Switzerland, which has similar restrictions on the tax-free
by ThePadawan 9y ago
Europe-based engineer here: Is a 401k completely unaccessible until 60?
I am currently resident of Switzerland, which has similar restrictions on the tax-free part of retirement savings, but allows earlier withdrawal for reasons such as
* purchasing a home (restriction: you have to live there yourself
* leaving the country
- calvinzpinson 9y agoThere are actually a few ways to get money out of your 401k before the traditional retirement age. It involves rolling the funds over from your 401k into a traditional IRA, and then into a Roth IRA in what is sometimes known as a Roth ladder. Here's an article on it: http://rootofgood.com/roth-ira-conversion-ladder-early-retirement/ http://rootofgood.com/roth-ira-conversion-ladder-early-retir...
- awinder 9y agoThe US has a first time homebuyer withdrawl carve-out (which I think is defined as someone who hasn’t bought a house in 8 years?). There are also hardship exemptions. Technically you can withdrawl for any reason but you pay taxes + a 10% penalty.
- dunham 9y agoI believe you can also take a loan from your 401k, but have to pay it back when you switch jobs.