Planning to take out my 401k , any suggestion ? Concerned about my taxes .

like
Posting as :
works at
You are currently posting as works at

There is a penalty if you withdraw before a certain age (i believe it's 10%), applied to the full amount of the withdrawal, in addition to taxes you'll have to pay on the full withdrawal. Really suggest talking to a CPA or financial advisor before doing this.

like

There are a few exceptions to this, like for first home purchases up to a certain amount. But super second that this is a covrensation to have with a financial advisor.

helpful

Why do you want to take money out? Maybe we can help you flesh out your options.

like

You “need” to buy a “second” house. Oookkkaaayyy...

Well you’re right to be concerned because you’ll just have to pay taxes and the penalty, except in very, very specific situations that probably don’t apply to you

Ull pay a early withdrawal fee and it is counted as income so depending on how much you withdraw it can move you to another bracket. You can also just take a loan out depending on how much you need then there is no penalty.

Just did it for my mortgage...take the loan against it, and you can pay it back over 5 years no penalty

Related Posts

In your opinion - What type of property is the easiest to sell?

like

Why are properties in NYC so damn expensive? At this point should I just move elsewhere?

like

My current employer is offering onsite opportunity in Misssissauga Canada. They are offering 99k Canada $. Is it a good deal for couples and 2 year baby to survive there. What will be the in hand salary there? House rent , groceries and other expenses

Hello,
I graduated in June with a dual BSBA in healthcare management and human resources management/organizational management and two associates degrees in business and arts. I have twelve years of experience as a certified clinical medical assistant.

I'm having trouble finding my first job as a healthcare manager. After submitting many applications and receiving so many rejection emails, I've become frustrated. Any advice anyone can give is greatly appreciated.

like

After learning how credit utilization impacts one's credit score, I just raised the limit on 2 of my credit cards. I opened 2 cards last week in order to take advantage of cash back bonus deals.(cont)

Looking for a Delta rewards card and was going to go with Amex, but internationally Amex isn’t widely accepted and I already have the Gold. I’d like to replace my JetBlue Mastercard with a no foreign transaction fee Delta card (don’t mind a fee for the card). Is there a good Delta non-Amex option? Also, don’t have a card that’s big on travel rewards generally.

Which digital wallets are you using? Not sure if holding my crypto in Binance is the safest rn, and would rather hold it in a wallet

like

Has anyone moved from clinical / healthcare role to a consulting role? How did you find the switch

like

Is deferred rent a working capital add back? The way I see it if they get like 4 months free in the beginning and then we straight line the rent the rent expense will look lower per month. Should we treat that non-cash portion of rent some way?

like

Hi All,

I want to know if it's a good idea to foreclose a home loan, I have like 14 lakhs for 11 years... Initially it was 28 lakhs for 30 years, I brought it to this amount in 2 years. Unable to weight the pros and cons. Is it good to foreclose or leave the loan to go on and start investing the money

like

Hey! I’m new to fishbowl and am looking for a career pivot (my fur baby, Leia, is very supportive). Any advice for a career pivoter with some imposter syndrome transitioning from owning a small healthcare practice to the corporate world? Thanks!

Post Photo
likeuplifting

Had a prospect tell me that he doesn't want to buy life insurance cuz by 2040 science will have figured out how to make everyone immortal. What do you say to shit like this?

likefunny

Can I buy the laptop from US and claim the reimbursement of $1100 for the same with US bill which would be taken on my name

like

1) What is the onboarding process?

2) Will there be induction? if yes will it be online or offline? How long is the induction?

3) What all WFH claims are still available?

4) What all extra benefits can one claim?

5) On an average how much hike can one expect?

like

I just had the largest bonus in my life so far and I could actually afford to buy pretty much any Rolex SS or two tone model right this second and still have money left over but alas I was born like 10 years too late 😩😔

likefunny

Left Accenture 10 years ago... can someone remind me what the ESPP offering period(s) were and when stock was purchased? Was it 1 or 2 offering periods per year? And what were the months of each?

like

Need info about Oracle ACS
Work-life balance
Salary (year of experience 2)
Benefits
Leave Policy

like

Those working residential and commercial real estate what are seeing/hearing? Both slowing down only certain types of real estate etc?

like

What are the best MBA programs for people in healthcare?

like

Hey guys
What's a good way to get into India vc space. Don't want to do direct investments but rather like a fund

like

More Posts

any talent hub users? Love it, hate it?
Mid sized shop is trying to save $$$ and using it as an ATS, but it doesn’t seem to deliver (IMO)…. What are the pros?

I will be joining Tiger as a SBA in few weeks time. What is the kind of work I can expect after joining? How much technical would it be in nature and what kind of tools I can expect to work on?

like

Hi everyone,

Looking for an Executive Assistant for a CEO for a family run business roughly $30M+.
In person role in North York in the packaging equipment and solutions industry.

Someone who has strong proficiency with word, excel and PowerPoint.

Not looking for too my high level experience as they will mainly be taking notes in meetings l, scheduling and managing some banking etc.

Comp: $55,000-$65,000
Location: in-person North York

Anyone interested please comment here

like

How is your sense of directions? Mine is absolutely terrible and I suspect it has something to do with my ADHD.

like

Hi Fishes,

I have a counter offer for 14.. and now got selected in Infosys and during hr round i said i have offer of 14 and expecting 17 fixed... But hr immediately told they can give only 15Lpa and 15VP in that 15L... I said atleast 17 including VP will be ok for me they said they will request for approval and get back to me on Monday but they didn't come back till now 5th April... Will infy come with change in the package..

like

Any insight into what to expect as an Engagement Manager for AWS?

like

Who did the Wiener Circle COVID ad and will they marry me?

likefunny

My fiancée and I were looking for apps to find new friends, preferably couples and came across this website called Bind. It looks good but does anyone know if it’s legitimate? We’re looking for platonic friendships only. Thanks!

likefunny

My boyfriend’s breath stinks and I’m not sure how to say it. I know that most commenters will say I just need to rip the bandaid off and do it, but I’m really bad at approaching conversations that may spur conflict or awkwardness. I typically say nothing at all which is even worse. Can someone help me change my mindset as to handling situations like this? I know what to do and say, I just can’t bring myself to actually do it. I’m afraid of the awkwardness, afraid of making him self conscious,

Has anyone in your district asked any CTE teachers for their input regarding “back to school”? Or are you not invited to the table?

like

Hi all..i work at FIS as a senior manager, QA and BA. If we have anyone at Google who can refer pls let me know.

like

If serving notice period now, will i be applicable to receive the hile letter?

like

Any recommendations for best websites to find apartments to rent?

like

Hi fishes, I recently cleared all rounds in Morgan Stanley YOE - 8 years Tech stack - Backend developer: Java Springboot SQL, etc Current CTC - 15 lpa fixed + 20% bonus Approx 17.8 lpa My HR round is still pending. How much can I ask for? In the manager round they said I will be offered the Senior Manager role. What is the salary range I should ask for. Please help.
Location is Bangalore.

Made a mistake while booking an American Airlines mileage redemption. I'm within 24 hrs, will I get a full refund on my miles if I cancel now?

like

Hello Everyone! I am newer here and just wanted to say hi and introduce myself! I work with a Hybrid Independent RIA. If you are an FA curious about Independence or are considering a move, feel free to reach out to me here or directly on my cell. 205-218-6962. Have a great day!

like

I want to get my masters in HR, but I also want to get my phr.. is it better to get one over the other? Or should I do both. Are there any masters hr program someone can recommend?

like

Additional Posts in Consulting

How high is your FB love score? Curious to see how high it goes...

When the new project welcome guide recommends "taking 1 hour a day for personal time, even if it means leaving the office at 730pm to workout or eat in between work sessions" for work-life balance.

like

Lol, just heard a Scottish dude complain about his Green Card took a ridiculously long 2.5 years. As an Indian, I was like - you funny bro.

like

Need advice on strategy- got new job and somehow negotiated a sept start date. With the layoffs going on at D, what are the odds I can perform badly enough to get laid off so I can collect severance and take a vacay?

like

Not ready to go back to work .. is it Christmas break yet?

like

So hard to maintain my 6 pack while travelling every week. Guys any advice?

like

Ok it’s now time to activate *deck heck mode*. In this mode, I should be able to scope out 80% of deliverables for the 3 year program before midnight. Wish me luck, I’m going in 😎🔫

likefunnyuplifting

EY fishes how do you navigate the stress that comes with unlimited PTO ? Do you feel guilty asking for time off ? Has your target utilization changed since unlimited PTO policy ?EY

likehelpful

Hey all, can anyone fill me in on the current work from home/office split in McKinsey right now? If office dependent, it’s the London office I’m asking about! Thanks 😊

like

Lots of us are skilled at delivery but most sales books seem to focus on the pitch and closing... What are your best resources for learning to develop and nurture strong, lasting client relationships?

like

What's a reasonable amount to spend per person on a week-long vacation? Flight NOT included.

Any recs for CIPM study books?

like

How do you handle a micromanager? I don’t necessarily mind it too much, but I feel I’m never gonna make them satisfied. Any tips for managing up?

like

I have 20k in student loans at 6%, and just got a 20k retention bonus with a year clawback. Any downside to putting the 20k in I-bonds at 7%? Not sure if the interest rate changes on those when it renews in april

like

Currently looking for Tech consulting/ Implementation consultant/ privacy roles in London. I have both CIPP/E and CIPM.
Please let me know if you know any roles that are available? Or any recruitment agencies you can refer me to

like

Which firms have the world bank as a frequent client? They'd be so cool to work with.

likefunny