 How much money are you able to save every month? |
| and what style of life do you have? What do you spend money on mainly?... |
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 Can some explain this banking procedure? |
| on sunday I bought at item with my debit card, it had been put on the wrong label and charged my acct 548.00. it was TOO much, so I returned it, the teller credited my card, and I bought a similiar ... |
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 This guy sent my husband a payment using a fake money order what do we do? |
| he wanted o buy a radio for 150.00 well when we got the money order is was for 3,500 dollars from united kingdom i dont trust people fom over there they are skammers, well he wanted my husband to ... |
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 What is your job? Do you make good money? |
Additional Details
I am a hairstylist and do ok and work in a hospital...... |
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 So many people are losing there homes to foreclosure where are they going? |
| our family can't afford the mortage on our home and I was just wondering if these poeple are leaving the states in which they live or staying in the same towns.... |
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 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 ... |
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 What is this about? |
| I got a email saying I won a lot of money. They wanted my back account number and my address. I sent a email back asking why do u need my address and bank number?. He wrote me back with a number 2 ... |
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 Hi everyone is there a bank that will notify you before charging insufficient funds fees? |
| hi everyone is there a bank that will notify you before charging insufficient funds fees?... |
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 Can You Write Yourself a Check? |
| Well, I am low on funds and I have about 9 dollars in my savings account (college student.) Since most ATM's only allow you to withdraw $20, is it possible I could write myself a check for the ... |
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 Is withdrawing all of your money from the bank the best thing to do if the worst is coming? ? |
| This so called FDIC is $100,000. Does that mean you get the $100,000 when the bank is in trouble regardless of how much you have in your account? Or does it only qualify to people with more than $100K... |
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 I have mom's blank checks...can i write a check to myself or a family friend? |
| my mom is in europe for a 3 weeks. it's the 2nd week and i'll be out of food by the weekend. and of course my mom left me money to buy food but i foolishly had a "friend" spend ... |
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 If a cheque was supposed to have cleared into my bank account today would it have cleared by midnight tonight? |
or could it clear tomorrow at some point??
thanks
Additional Details
I have online banking and isnt showing up so just a bit ... |
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cave dude | Ok, I got fired, I didn't understand about my 401K, now it rolled over *?*, and I WANT MY MONEY!!! WHERE IS IT |
I received a letter saying a made a good choice! I didn't even know I made a choice. How can I get my 401k cash? are there penalties?
I don't care if there are, I just want my cash!!!!! |
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aecruiser
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DO NOT CASH OUT YOUR 401(K)! You say you don't care about the penalties and taxes, but you really should. You will be subject to ordinary income taxes plus a 10% penalty. That's like taking a loan out at 30%-40% interest!! Do you know how much you will regret doing this once you retire? You will need this much more then. If you let $5,000 grow for 30 years at 12% interest, it will become more than $160,000. Roll it over into a IRA, you will be very happy you did at retirement.
Hope this helps! |
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Jodi B
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We cashed in my husband's 401k and we paid a 10% penalty for one thing and another 10% for something else in the beginning. Then at the end of the year we had to pay in to the state for taxes. It's not worth it. |
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robert w
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Cave Dude,
1st chill have a beer relax.
2nd open a IRA with local provider.
3rd ROLLOVER DIRECTLY to your IRA your 401k do not touch the money.
You'll pay (lose) up to 40% taxes on it.
4th visit daveramsey.com to learn ur hard lesson from others hard/dumb mistakes.
5th understand all of this takes some time. |
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dfrank04401
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Spoken like a true caveman. If you cash out your 401k or IRA out now, you can kiss at least 25% of it good bye. The IRS will take the income tax based on your tax bracket along with an early withdrawal penalty of 10%.
If you can handle it, I would avoid cashing it out at all costs. It will be worth a lot more to you when you retire later on in life to have the amount that is in there now continuing to earn and work for you.
As far as where you money is, look on the letter you received for a business name and phone number. That is where you money is now. |
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alexandriaferrari1
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I agree with everyone on this one....cashing out early is a tax night mare and rolling it over into an IRA is the most advantageous tax wise and also for your retirement. You will be penalized by the IRS for an early withdrawl plus have to pay tax on the income it's a tax nightmare. |
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stephenweinstein
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1. The letter should have a return address saying where the money is now.
2. If you take the money in cash, there are penalties and taxes. If you roll over the money to somewhere you select, there are neither penalties nor interest.
3. If something was really done with your 401K money without your consent, that is a very serious ERISA (employee retirement income security act ?) violation. Call the federal Department of Labor for assistance. |
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Tapestry6
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Normally 401K is with a separate company than the company that you were terminated from.. call the HR of your former company and ask them for the phone number of the 401K company.. it could be something like Vanguard, AE Edwards, any number of companies.. if you roll it over to your bank at least you won't get penalized at tax time. Remember if you do break the 401K you will be taxed 40% of the amount its really a lousy thing but that is what they do.. We did one time in order to buy a car.. we never did it again! |
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sfuller94
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Cave Dude, Same here. Chill, have a beer and relax. This too shall pass.
I'll add this. If you take out your 401k, they'll not only charge you a 10% penalty, plus ordinary income tax at 28% but also, you will loose any interest that you would have earned in that year had you left it in. So, if you pull it out at the first of the year, you would loose around (10% (penalty) + 28% (ordinary income tax) + 12% (potential interest earned) = 40%!!
It's not worth it. Leave it alone and roll it over to an IRA...!!
Good Luck!! |
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digdowndeepnseattle
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Likely your account was under $5,000 but over $1,000. If it falls in this range then the previous company can roll it over into an IRA for you without your permission. That way they can avoid having to administer the plan but you still don't get hit with the tax issue.
That's a good thing!
But, here's the bad thing...the IRA choice isn't necessarily the best choice for you. So, as all the others said, don't cash it out....go online and search for a good mutual fund company...vanguard, american funds, fidelity funds, t rowe price...all are quality and relatively cheap. Start an IRA there and then roll your account balance into that. They will even help you with doing this.
This truly is the smartest thing you could do. |
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Greg S
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This is a plug for that horrible show isn't it. |
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bud68
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If you're too careless to take care of your own money, what do you expect? |
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