A 32-year-old Redditor, married with four children, faces financial pressure as they must support their two aging parents. With parents aged 60 and 58 earning only $30,000 annually, the Redditor considers withdrawing $100,000 from a 401(k). However, numerous commenters in the Personal Finance Reddit community strongly advise against this, citing the penalties and taxes associated with such withdrawals, as well as the potential loss of compounded growth. Alternatives suggested include using home equity, pursuing Medicaid options, or encouraging the parents to return to work. Ultimately, the Redditor must balance immediate needs with long-term financial goals.
"A 32-year-old married Redditor with four kids is considering withdrawing $100,000 from a 401(k) to support aging parents, despite risks and alternatives."
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