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Re: Thinking about cashing out my 401K ?
[Re: brushwhacker]
#4001333
10/20/23 09:58 AM
10/20/23 09:58 AM
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Joined: Dec 2013
Posts: 22,743
Lickskillet, AL
Irishguy
a.k.a. Dingle Johnson
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a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 22,743
Lickskillet, AL
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Some banks offering over 5.5 % on a cd now in my area . Alfa is selling some the top paying ones . % been going up lately . Yep... Ally has some that high right now too.
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Re: Thinking about cashing out my 401K ?
[Re: robinhedd]
#4001345
10/20/23 10:28 AM
10/20/23 10:28 AM
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Joined: Jul 2010
Posts: 9,230
B'ham
Goatkiller
14 point
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14 point
Joined: Jul 2010
Posts: 9,230
B'ham
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You certainly would not want to take your money out of the Stock Market and put it into Real Estate right now..... that's going to lose money just like everything else if the economy goes down prices are going down....
Best thing to do at this point IMO is collect some Interest and wait.
No government employees were harmed in the making of this mess.
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Re: Thinking about cashing out my 401K ?
[Re: robinhedd]
#4001363
10/20/23 10:52 AM
10/20/23 10:52 AM
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Joined: Nov 2012
Posts: 1,390
Hoover, AL
GmeHunter
8 point
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8 point
Joined: Nov 2012
Posts: 1,390
Hoover, AL
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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 I am not a financial advisor, but I will tell you what I would do... If you form a single member LLC, create a self directed solo 401k plan and roll the money overto it. Have the 401k open an LLC and buy rental properties. Their are very strict rules on keeping the money separate. Or if you have low income (business startup) and would pay very low taxes, roll the 401k into a traditional IRA and convert it to a self directed ROTH IRA. Have that ROTH IRA buy the real estate and rent it. Keep 100% of the profit and then when you want take the whole house as a distribution tax free when you retire or keep it in their and pay yourself tax free money until you die.
Last edited by GmeHunter; 10/20/23 10:56 AM.
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Re: Thinking about cashing out my 401K ?
[Re: Bruno]
#4001365
10/20/23 10:54 AM
10/20/23 10:54 AM
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Joined: Nov 2012
Posts: 1,390
Hoover, AL
GmeHunter
8 point
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8 point
Joined: Nov 2012
Posts: 1,390
Hoover, AL
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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. Up to 50,000 and you have to charge interest and you have five years to pay it back.
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Re: Thinking about cashing out my 401K ?
[Re: Goatkiller]
#4001385
10/20/23 11:21 AM
10/20/23 11:21 AM
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Joined: Jul 2011
Posts: 34,910
Boxes Cove
2Dogs
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 34,910
Boxes Cove
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You certainly would not want to take your money out of the Stock Market and put it into Real Estate right now..... that's going to lose money just like everything else if the economy goes down prices are going down....
Best thing to do at this point IMO is collect some Interest and wait.
Buying investment property cheap is rarely a bad investment. Or maybe I'm just lucky , cause I'm not an investment whiz .
"Why do you ask"?
Always vote the slowest path to socialism.
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Re: Thinking about cashing out my 401K ?
[Re: 2Dogs]
#4001395
10/20/23 11:34 AM
10/20/23 11:34 AM
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Joined: Dec 2013
Posts: 22,743
Lickskillet, AL
Irishguy
a.k.a. Dingle Johnson
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a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 22,743
Lickskillet, AL
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You certainly would not want to take your money out of the Stock Market and put it into Real Estate right now..... that's going to lose money just like everything else if the economy goes down prices are going down....
Best thing to do at this point IMO is collect some Interest and wait.
Buying investment property cheap is rarely a bad investment. Or maybe I'm just lucky , cause I'm not an investment whiz . I think he's saying property values are so high right now that they aren't a good investment. He's not saying property is a bad investment, he's saying property is a bad investment right now.
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Re: Thinking about cashing out my 401K ?
[Re: Irishguy]
#4001403
10/20/23 11:46 AM
10/20/23 11:46 AM
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Joined: Jul 2011
Posts: 34,910
Boxes Cove
2Dogs
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 34,910
Boxes Cove
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You certainly would not want to take your money out of the Stock Market and put it into Real Estate right now..... that's going to lose money just like everything else if the economy goes down prices are going down....
Best thing to do at this point IMO is collect some Interest and wait.
Buying investment property cheap is rarely a bad investment. Or maybe I'm just lucky , cause I'm not an investment whiz . I think he's saying property values are so high right now that they aren't a good investment. He's not saying property is a bad investment, he's saying property is a bad investment right now.K
"Why do you ask"?
Always vote the slowest path to socialism.
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Re: Thinking about cashing out my 401K ?
[Re: robinhedd]
#4001522
10/20/23 02:36 PM
10/20/23 02:36 PM
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Joined: Jul 2010
Posts: 9,230
B'ham
Goatkiller
14 point
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14 point
Joined: Jul 2010
Posts: 9,230
B'ham
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There are many people out there right now holding a gold mine of an investment.... who will be foreclosed on soon enough. If you don't understand why that is... best thing to do is steer clear. My advise keep your powder dry this is not the time there will be deals soon enough.
No government employees were harmed in the making of this mess.
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Re: Thinking about cashing out my 401K ?
[Re: robinhedd]
#4001585
10/20/23 04:17 PM
10/20/23 04:17 PM
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Joined: Jul 2011
Posts: 34,910
Boxes Cove
2Dogs
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 34,910
Boxes Cove
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So when my neighbor comes to me and says he's gonna sell me that land I want at a " race horse deal" cause he needs to raise some cash quick , I'm supposed to walk away cause Aldeer says it's a bad investment now. Yeah, R-I-G-H-T.
"Why do you ask"?
Always vote the slowest path to socialism.
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Re: Thinking about cashing out my 401K ?
[Re: 2Dogs]
#4001595
10/20/23 04:33 PM
10/20/23 04:33 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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I don't know how much you have, but say you have 200,000 grand. If you cash it out in addition to the 10% penalty the withdraw is counted as income. Depending on how much other income and your marriage atatus you have a federal tax rate between 20 and 32 %. Maybe more if you have a nice income. So 30 to 40 percent will be immediately gone. That isn't even taking the state taxes into account.
200,000-(200,000x.2)= 160,0000 not including 10% penalty
200,000−(200,000×0.32) = $136,000 plus the penalty.
"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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