If you get a hardship loan you have to send them (investment firm) documents for the reason you need the loan for school, mortgage etc.; it's really bullshit since its your money to begin with.
Quote: A withdrawal from a 401k that qualifies for treatment by the IRS as a "hardship withdrawal" enables you to avoid the normal 10% penalty the IRS imposes on distributions before attaining age 59 1/2.
We have warned subscribers and listeners and those on the Internet over and over again that government was going to come after your private retirement funds including 401K’s and IRA’s that hold $6.6 trillion in investments.
This past week in a grand deficit cutting bargain the Senate Finance Committee explored “Tax Reform Options Promoting Retirement Security”. The excuse is to make 401K plans more efficient; to keep Social Security afloat and to switch funds from these retirement plans to be used elsewhere by government. It is called a looting procedure. The idea is to replace the 401K with a tax break that would allow government to offer bigger benefits to low earners and changes in withdrawal choices at retirement. It would include a change in the way Social Security benefits are calculated to reduce eventual payout and subsidize the poor via a government guaranteed annuity. There would also be an increase in the retirement age. This approach is similar to something you would find in the communist manifesto. Take from the bigger producers to subsidize the lesser producers. Each according to his ability and each according to his means.
ALERT**If you have a 401K you better read this !!!! From Bob Chapman Yesterday !**ALERT
Source: GodLikeProductions
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