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people say they borrow from their 401k to finance adoption. Question I have, mine says I can only withdraw for a hardship....defined as buying a house, medical and a few other reasons that I cannot seem to fit adoption into. Is this the NORM for 401k withdrawl? How do people get it for adoption if so.
thanks
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We are able to take loans and pay the loan back to our account. :) We can borrow half of what we have in our 401(K) and have 5 years to pay it back.
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I had an IRA rollover of a 401-K and I just took early withdrawal and accepted the 20% penalty. It was still more than enough to finance my adoption.
A better course would be a home equity line of credit, but that wasn't an option for me this time.
Good luck!
Dee
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