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Cashed out my 401k yesterday and never felt so free. Was never expecting this to be real money

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@Attorney1, I think every situation is different. I’m seriously debating withdrawing and investing it into real estate vs keeping in my 401k. Continue to build 401k, but diversify it in other investment opportunities. It’s a a window of opportunity to avoid the 10%, however it does move me into a higher tax bracket as well. Where at retirement you will be forced to withdrawal, but in a lower tax bracket (maybe), but those rules could change as well. I can see it as wise and unwise, but it’s something I’ve been debating since the law was passed for just this year.

Invest in real estate where your tenants can stop paying rent at will and you get to pay thousands in legal fees to try to evict them. I mean, where do you think all this free cash to prop up the economy is coming from?

The fact is he has already cashed out his money and this is what they wanted to do. Do what you have to do with the money you planned for and then of course invest some back for your future needs. My mom said to me always “I wear it, I eat it and I walk in it but nothing will come with me when I pass “; it’s important to live your life now the best you can as you have it while also looking out for yourself in the future. Avoid the negative comments and take them only as feedback to steer the course. #Doyou

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#truth

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@STA assuming you took the 100k and will pay the taxes on the 100K + normal salary in 2020, raising you to a higher tax bracket. At the same time avoiding the early 10% penalty for early withdrawal. Curious what your plans are for the 100K, planning to invest on your own? Invest and buy an investment property? Vacation house? New car? Pay off high interest debt?

Overall just curious if the move.

likesmart

I work in consulting, so I expect to have a stroke at my desk working for the man before sixty. YMMV.

Wow. To each his own, but I would never ever never do this. My 401k is my untouchable money. Fir my own retirement. To support me. Iam terrified of not having enough bc I live in a VHCOL area (Bay Area) and saving is a struggle, and I started a little later due to grad school twice later.

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Sorry :( Yeah pulling the cash out makes sense then.

as in moved your choices to cash than equities than cashed out?

As in sold all my holdings and withdrew the money into my bank. No early withdrawal fee this year!

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YOLO. *shrugs* I have some friends who did the same thing but they’re like 30 and can make up the ground if/when they feel they need to

Yeah it’s not a big deal. Don’t let the risk averse scare you

Do you have a terminal disease? You said you aren’t going to live past 40. This is really the only way this move makes sense

Hugs.

I hope you are okay, friend. Sending ❤️ from ATL

suburbs now

Op how did you do this? I am interested but I wasn’t laid off and I didn’t get covid.

SM1 so if you knew you’d be dead before 40 you would keep your 401k? Who are you leaving it for?

I asked Charles Schwab to wire or ACH the funds and they still made me a check. 😩

OP, sorry to hear about what you're going through. I hope the remainder of your days are good ones.

Unless you 65 plus - your a dummy fir cashing out. You will pay a pile of taxes and when (if) you get to retirement age - your screwed. Enjoy your short term buzz- you dummy

OP please don’t waste your time on this clown of a “Managing Partner”

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