 I have mom's blank checks...can i write a check to myself or a family friend? |
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or could it clear tomorrow at some point??
thanks
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malone1423 | 401k question? |
My company has just changed hands and I have the option of getting my money with a 40% withdrawl penalty or rolling it over to anouther plan. I know I should roll it over but the money would be nice now and I still have 30 or so years to save for retirement. Its about 20 grand. Any opinions on what to do |
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zygote222
|
I suppose the possibility of getting a chunk of cash into your hands immediately might be quite tempting, but frankly I am amazed that you would be willing to see $20k shrink to $12k just in order to get money out of your 401k. It's even worse than that. Given an 8% rate of return, $20k would grow to about $200k in 30 years. That's the real cost of prematurely cashing your 401k.
In short, please don't do it. You would be ruining your financial future in exchange for immediate access to an extremely modest amount of money. |
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B_Stinger
 |
To me, it would be a mistake to forfeit 40% unless I really needed for something critical.
What will you use it for?
We'd have to know a lot more about your financial situation to really help you here, but you said it yourself, ROLLING IT OVER is the right thing to do. |
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mikeeyman
|
Roll it over is the best option in the long run...
You sound like my aunt.... At 30 years old she had zero retirement savings... Her philosophy was that she still had 30 years to save.... At 40, she still had zero, and her philosophy was that she still had 20 years to save... At 50, she still had zero.... But, heck she still had 10 years to save...
Anyway, she's 58, and won't be able to retire for awhile because she still has zero retirement savings...
Unfortunately, I am her last living relative.... I wonder who is going to have to support her when she can no longer work? |
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Gracie's Mommy
|
yea, you could fix up your house, buy a new car CASH ... i need answers too can u help me out plz
http://answers.yahoo.com/question/index;_ylt=AkSE8_Cng2LLZSZfThzIg52wxQt.;_ylv=3?qid=20080307103347AAxZjka
nevermind dude, dont listen to me....they are right man, ROLL IT OVER |
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Dura Dog
 |
Roll it over! Find an online calculator where you can run some different scenarios on how much it will be worth when you retire. You will be surprised. |
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krazie
|
Wow. I say DEFINETELY roll it over. 40 percent is a LOT. you'll run into a lot of financial loss here if you make your withdrawal. Just roll it over ;) |
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v b
 |
Roll it over.
Retirement comes waaaay sooner than you expect. |
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Regina Filange
|
Definitely roll it over. 40% is a big chunk of change - so think about how much you'll really get.....save for your retirement. |
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src50
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Roll it over. It would be crazy to take a early withdrawal. |
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Krystal F
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Dude, roll it over. I made the mistake of cashing out a 401k when I moved to California from New Mexico because I really needed the money, and I completely regretted the decision come tax time. Take a second job, sell stuff on e-Bay, or recycle aluminum cans if you need more money now. When you retire, you will be grateful for your decision to roll that money because it will be worth way more then than cashing out now! |
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Tim
 |
The penalty is 30%, not 40%. Income tax withholding is 20%, plus the 10% penalty for early withdrawal. The only thing that would make it more is if you're not fully vested and you lose a portion of the account that your employer contributed.
If you think the amount is nice now, just think what it'll be 30 years from now. |
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