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Thinking about cashing out my 401K ?
#4000705
10/19/23 11:17 AM
10/19/23 11:17 AM
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Joined: Jun 2008
Posts: 2,353
North Alabama
robinhedd
OP
8 point
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OP
8 point
Joined: Jun 2008
Posts: 2,353
North Alabama
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I’ve been thinking of cashing out my 401K and IRA’s to invest in something that could potentially make a better return? Not sure if that would be interesting in a business, investing in real estate (I’m a licensed Realtor), or something similar. Has anyone made the conscious effort to cash out their retirement accounts and do this? (I know I’ll take some major hits on my money, being I’m 47 years old.)If so, I’d like to hear what you did. Thanks, Robinhedd
"Guess I just got too much Mathews in me!"
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Re: Thinking about cashing out my 401K ?
[Re: robinhedd]
#4000716
10/19/23 11:38 AM
10/19/23 11:38 AM
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Joined: Oct 2006
Posts: 7,806
Montgomery, AL
Hunting-231
14 point
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14 point
Joined: Oct 2006
Posts: 7,806
Montgomery, AL
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You already know the penalties - no reason to beat a dead horse.
However, generally speaking a more diversified stock portfolio will protect you from dramatic losses in a specific market segment(s) - unless of course, Joe Biden is the President - then EVERYONE loses. Additionally, I would be cautious about completely investing into a business, real estate, or hobby that you believe will yield positive financial results. IF at all possible - I would keep my 401K and IRA, and leverage my personal assets such as home equity (I will get a lot of disagreements on this one and to honest - I kinda disagree with myself), savings (cash), and/or credit before being subjected to the penalties for early withdrawal.
Regardless - I wish you the VERY BEST in whatever venture you pursue, I hope it is VERY fulfilling.
Last edited by Hunting-231; 10/19/23 11:39 AM.
"The struggle you're in today, is developing the strength you need for tomorrow."
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Re: Thinking about cashing out my 401K ?
[Re: robinhedd]
#4000730
10/19/23 11:59 AM
10/19/23 11:59 AM
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Joined: Oct 2009
Posts: 5,811
Henry county
coldtrail
12 point
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12 point
Joined: Oct 2009
Posts: 5,811
Henry county
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Don't cash it out, thw tax bill will be huge. I put a whole lot of my roth IRA in the money.market a few month ago. It's getting 5%. I stayed partially invested in the best performing fund
"And the days that I keep my gratitude
Higher than my expectations
Well, I have really good days" Ray Wylie Hubbard
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Re: Thinking about cashing out my 401K ?
[Re: Backwards cowboy]
#4000741
10/19/23 12:11 PM
10/19/23 12:11 PM
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Joined: Nov 2011
Posts: 1,993
Alabama
bama_earl
8 point
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8 point
Joined: Nov 2011
Posts: 1,993
Alabama
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Everyone says wall st is a bunch of crooks, then gives them their money, then counts on them for it to be there when they get old, then complains when the stock market tanks, then blame it on the government. What could possibly go wrong with that? Very accurate post Cowboy. Most people don't understand the capitalist system. The market will fluctuate regardless of who is the President. Example: How has Joe Biden lowered gas prices in the past couple months? When you know the answer then you will know how he raised them too.
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Re: Thinking about cashing out my 401K ?
[Re: LostinTX]
#4000757
10/19/23 12:41 PM
10/19/23 12:41 PM
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Joined: Jul 2005
Posts: 19,130
Chelsea, AL
straycat
Old Mossy Horns
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Old Mossy Horns
Joined: Jul 2005
Posts: 19,130
Chelsea, AL
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Take a look at self directed IRAs if you want to invest in land. Just make sure you are aware of all the rules. Otherwise I'd see about changing the investments before I cashed them out. I personally wouldn't want to take the tax and penalty hit This.
"The grass withers, the flower fades, But the word of our God stands forever." Isaiah 40:8
"Neither the wisest constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt.� Samuel Adams
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Re: Thinking about cashing out my 401K ?
[Re: robinhedd]
#4000764
10/19/23 01:12 PM
10/19/23 01:12 PM
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Joined: Oct 2009
Posts: 5,811
Henry county
coldtrail
12 point
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12 point
Joined: Oct 2009
Posts: 5,811
Henry county
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In addition to the 10% penalty, depending on the amount it can put you in a higher tax bracket. You could lose 30% in penalty and taxes.
"And the days that I keep my gratitude
Higher than my expectations
Well, I have really good days" Ray Wylie Hubbard
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Re: Thinking about cashing out my 401K ?
[Re: robinhedd]
#4000787
10/19/23 01:42 PM
10/19/23 01:42 PM
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Joined: Nov 2015
Posts: 21,456
HSV AL
jmudler
Freak of Nature
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Freak of Nature
Joined: Nov 2015
Posts: 21,456
HSV AL
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No way
Last edited by jmudler; 10/19/23 01:43 PM.
Isaiah 5:20 Woe to those who call evil good and good evil, who put darkness for light and light for darkness, who put bitter for sweet and sweet for bitter.
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Re: Thinking about cashing out my 401K ?
[Re: coldtrail]
#4000804
10/19/23 02:15 PM
10/19/23 02:15 PM
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Joined: Jul 2011
Posts: 34,900
Boxes Cove
2Dogs
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 34,900
Boxes Cove
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You might want to check if you can borrow against your 401k. If you can do that you can use the money without taking the penalty. You would also be paying interest to yourself. In addition to the 10% penalty, depending on the amount it can put you in a higher tax bracket. You could lose 30% in penalty and taxes.
"Why do you ask"?
Always vote the slowest path to socialism.
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Re: Thinking about cashing out my 401K ?
[Re: Irishguy]
#4000808
10/19/23 02:24 PM
10/19/23 02:24 PM
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Joined: Jun 2016
Posts: 1,367
lauderdale co
brushwhacker
8 point
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8 point
Joined: Jun 2016
Posts: 1,367
lauderdale co
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The ideal time to cash out any of your 401k would be:
1. After you turn 59 1/2 and...
2. In a year your aren't drawing any salary and...
3. In a year before you start drawing any pension or Social Security...
Brushwacker
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Re: Thinking about cashing out my 401K ?
[Re: brushwhacker]
#4000809
10/19/23 02:26 PM
10/19/23 02:26 PM
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Joined: Jun 2016
Posts: 1,367
lauderdale co
brushwhacker
8 point
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8 point
Joined: Jun 2016
Posts: 1,367
lauderdale co
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What Irish said is the idea time if you HAVE to take it out . Other than that no way this side of hell!!
Brushwacker
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Re: Thinking about cashing out my 401K ?
[Re: robinhedd]
#4000815
10/19/23 02:30 PM
10/19/23 02:30 PM
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Joined: Nov 2015
Posts: 21,456
HSV AL
jmudler
Freak of Nature
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Freak of Nature
Joined: Nov 2015
Posts: 21,456
HSV AL
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Silly question, you have look at 401k return calculators right?
Isaiah 5:20 Woe to those who call evil good and good evil, who put darkness for light and light for darkness, who put bitter for sweet and sweet for bitter.
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Re: Thinking about cashing out my 401K ?
[Re: robinhedd]
#4000835
10/19/23 03:07 PM
10/19/23 03:07 PM
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Joined: Aug 2003
Posts: 4,004
pensacola,fl
dagwood
10 point
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10 point
Joined: Aug 2003
Posts: 4,004
pensacola,fl
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Can't borrow against mine according to Wells Fargo. You could look into a self directed IRA and invest in real estate and a lot of other things.
jmlane
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