I hope you can avoid using a 401k or IRA for holiday expenses.  Tapping into these accounts will be costly and possibly incur a penalty if you withdraw from your IRA.  I don't think it's very satisfying to give a gift if it impacts your retirement- but I'm sure it's a necessity for some people.  We've received several emails this week on retirement loans and distributions.

Here's a "fast" answer from moneycentral.com.

When do I have to repay a loan from my 401(k) plan?

Generally, you must repay the entire amount of a 401(k) loan within five years, or 30 years if the loan is used to buy a principal residence. The term of the loan can’t extend beyond your normal retirement date as defined by the plan. You will probably have to repay the loan with regular payments. The payments must be at least quarterly, although you’ll probably make payments with deductions from your regular paycheck.

The catch to the plan: If you leave your employer, whether voluntarily or involuntarily, you will probably have to pay all the money back in a lump sum within 60 days. That could put you in a tough spot -- especially if you have spent the money.

Here's a recap on "60-day withdrawals from your IRA."