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Updated about 7 years ago, 12/06/2017
Weighing 401k vs IRA Rollover for Self Financing
I believe this is my first post. This question has been on my mind for a while so I thought I would pose it here and see what others think about it. My goal is to buy my first property in 2018.
I just started a new job and have my 401k from my last job that I need to eventually move. I can roll it over to an existing IRA or to my new 401k. Some of this is in a Roth 401k but most is in a traditional 401k.
If I weren't looking to possibly use this money to buy a property, I would just move it to my IRA.
My question is, what options do I have to access this money without paying early withdrawal fees or tying everything up until I'm 58-1/2?
I know I can borrow from it if it's in a 401k. I don't believe I can take a loan or otherwise access it if it's in a traditional IRA. I can't write myself a loan from a self directed IRA and I don't want to lose access to profits until I'm 58-1/2.
Please share your thoughts.