Question

Asked: Nov 13, 2009

can i withdraw money from my 401k plan to start a new small business? I live in texas

Categories: In Startup > Startup - Other
In Startup > Startup Financing
Industries: In Health Care > Health Care - Other

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Answers

Hi,

It's your money, it would seem you can use it for whatever you like.

I think I'd consider the 'costs' before drawing from the 401k. It might make more sense to borrow against it. Or find another way.

You'll have penalties, and probably tax issues on 401k money. Consult your fund manager or an accountant.

Good Luck!

Source: http://www.abusinessmentor.com

Answered: Nov 13, 2009

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