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by Coloradodebbi on January 23rd, 2011

Coloradodebbi

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I am permanently disabled, age 57. I want to take money from my 401k to purchase a home for my daughter. Is this best way to do this?

What are the tax implications and what is the best way to do it?

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Answers. 1 helpful answer below.

  • by Shunyata on January 23rd, 2011

    Shunyata

    as far as I know, it is not a good idea.
    But there is an age where you can take out of 401 K without penaties.. I think it is 61?
    anyway, go to the bank and maybe co-sign the mortgage?
    You can also take your own house as a colateral?
    ask the bank. they probably have the best advice, looking over your finances..

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