@Wauzer62 wrote:
Well, no one from my company told me that or explained it during the retirement process. So here I sit with twice the amount of money in the 401k above the amount of the remaining 401k loans. When I look at the site for the company, the only option available is a hardship withdrawal.
If you are no longer employed by the plan sponsor, you can withdraw any amount you want any time for any reason, and just pay income tax. (If you are under age 55, you will also pay a 10% penalty for early withdrawal.) The limitation of withdrawals to hardships, only applies when you are still employed by the plan sponsor. You can also do a tax-free rollover of the funds to an IRA that you can open at any bank or broker or financial advisor you trust. That may give you more investment options.
Regarding the loan, if it is more than 60 days, it should automatically be converted to an offset deemed distribution.
Call the plan trustee (fidelity, or whoever) rather than the employer.
