My401kmoney

Admin | January 06, 2012 | Comments Off

My401kmoney

My401kmoney

4 Comment(s)

  1. tootal2 | Nov 17, 2011 | Reply

    Dont take your money out. You know how much tax you would have to pay if you took your money out? also your 401k is buying stocks now when there cheap.

  2. Hank | Nov 17, 2011 | Reply

    Don’t take it out. Transfer it within your 401k from stocks to bonds if you need it soon. If you do not need it any time soon, leave it in stocks.

    But, above all, if you are under 59 1/2, do not take it out. You will have to pay a 10% penalty and tax on the money.

  3. scottsmylie | Nov 17, 2011 | Reply

    I can think of only a few situations where you should take the money out at this point but you really have not provided enough information to make a sound judgment. Taking money out of a 401k is a bad choice 96% of the time.

  4. Net Advisor | Nov 17, 2011 | Reply

    Cashing out your 401(k) would be a huge mistake.

    1. You would be subject to income tax on the entire amount withdrawn.

    2. You would be subject to a 10% IRS penalty on the entire amount withdrawn (in addition to income taxes) if you are under 59 1/2.

    3. I would look to Dollar Cost Average each month or bi-monthly (better) in major market indexes such as the S&P 500 and hold for 15+ years.
    http://en.wikipedia.org/wiki/Dollar_cost_averaging

    4. You could away to go cash, but you will have no tax loss to take.

    Retirement Mistakes
    http://www.investopedia.com/articles/retirement/06/rollovermistakes.asp

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