It’s not recommended, but who’s gonna argue?
A California man is making it difficult to object to this case of 401k leakage. Jason Garrett is taking all of his 401K to pay for surgery to save his dog’s life, something not allowed under hardship withdrawal rules.
Doing so will cost him the requisite 10% in penalties off the top, in addition to the taxable amount.
It’s worth it, according to Garrett, whose 12-year-old miniature Schnauzer, Lola, was diagnosed with mitral valve disease, which enlarges her heart, something he says affects 7.8 million dogs across the country.
And his story has now gone viral.
“Lola isn’t just a miniature Schnauzer, she’s my world,” Garret said in a YouTube video, noting he adopted his companion when she was eight weeks old, and she’s been by his side during medical ailments of his own.
“It’s not hyperbole to say the reason I continue to survive and thrive is Lola,” Garrett noted. “As you can imagine, I would do anything to save her.”
Doctors have given her “eight to nine months to live,” without the costly surgery, as abnormal blood flow will cause increasing complications.
‘Let’s save Lola’
Thankfully, Garrett discovered a specialized surgery performed by Japanese animal cardiologist Masami Uechi. It not only has an 85% to 90% success rate “but it will add years and years to her life.”
“The downside is that, because the surgery is so specialized …it’s extremely expensive,” he added. “It can only be performed in Japan …Lola’s case has been reviewed and accepted by the surgical team and she’s on the list for this summer.”
In addition to his 401k distribution, Garret claims he’s using every penny of savings and looking to sell his car, “but you have to keep the license plate, which in lolaNme.”
Garrett has set up a gofundme account to cover the rest at gofundme.com/LetsSaveLola.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
