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gateley (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 06:32 PM Original message |
Has anyone here cashed out their 401K? |
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Faygo Kid (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 06:33 PM Response to Original message |
1. Yes, four years ago when I was unemployed. Paid the penalty, too. |
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DesertFlower (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 06:36 PM Response to Reply #1 |
4. glad to hear that. nt |
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gateley (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 06:52 PM Response to Reply #1 |
15. Yes - I have no choice either, |
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maddiejoan (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 06:34 PM Response to Original message |
2. I had to a few months ago. |
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DesertFlower (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 06:37 PM Response to Reply #2 |
5. congratulations. hope it's a good one. nt |
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maddiejoan (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 06:40 PM Response to Reply #5 |
6. I do too |
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DesertFlower (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 06:45 PM Response to Reply #6 |
9. a few months ago i was at my doc and |
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maddiejoan (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 06:59 PM Response to Reply #9 |
22. It's tough out there for TGs |
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DesertFlower (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 07:15 PM Response to Reply #22 |
31. interesting. i never thought about that. nt |
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DesertFlower (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 07:20 PM Response to Reply #22 |
33. i just googled you. |
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maddiejoan (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 07:22 PM Response to Reply #33 |
36. heh |
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DesertFlower (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 07:26 PM Response to Reply #36 |
37. i was curious. |
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gateley (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 06:54 PM Response to Reply #2 |
17. That's the boat I'm in -- but it's been over a year since I worked. |
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maddiejoan (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 07:07 PM Response to Reply #17 |
28. I cashed in over the internet |
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gateley (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 07:12 PM Response to Reply #28 |
29. I'm logging on to the website now! |
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maddiejoan (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 07:20 PM Response to Reply #29 |
34. Yup |
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gateley (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 08:59 PM Response to Reply #34 |
41. Yes - |
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panader0 (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 06:35 PM Response to Original message |
3. I don't have one |
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gateley (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 07:06 PM Response to Reply #3 |
27. Yeah. Sigh. |
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DesertFlower (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 06:41 PM Response to Original message |
7. we have one that's becoming |
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napi21 (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 06:45 PM Response to Reply #7 |
8. You wouldn't have a penalty. There's no penalty after you've reached 55. |
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DesertFlower (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 06:46 PM Response to Reply #8 |
10. there's no penalty, but there are taxes due. |
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A HERETIC I AM (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 06:55 PM Response to Reply #8 |
18. There is an early distribution penalty until you are 59 1/2. |
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gateley (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 06:59 PM Response to Reply #18 |
23. Oh - I was getting excited there thinking I could |
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A HERETIC I AM (1000+ posts) Send PM | Profile | Ignore | Fri Mar-07-08 04:06 PM Response to Reply #18 |
51. Shit! 6 days later and I just noticed I had the number right in the subject line but wrong in the |
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gateley (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 06:56 PM Response to Reply #8 |
19. Whoa -- I'll be 55 at the end of the month! |
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Extend a Hand (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 07:21 PM Response to Reply #19 |
35. We're going to try to retire early |
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gateley (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 10:10 PM Response to Reply #35 |
42. Well I'm glad that have that provision - |
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dugggy (1000+ posts) Send PM | Profile | Ignore | Fri Mar-07-08 02:34 AM Response to Reply #8 |
48. Not 55, I think age is 59.5 for no penalty |
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A HERETIC I AM (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 06:47 PM Response to Reply #7 |
11. The tax consequences will be the money is taxed at your marginal rate. |
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DesertFlower (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 06:48 PM Response to Reply #11 |
13. thanks for that info. nt |
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gateley (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 06:56 PM Response to Reply #11 |
20. Thanks for the link! nt |
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latebloomer (1000+ posts) Send PM | Profile | Ignore | Fri Mar-07-08 03:29 PM Response to Reply #20 |
50. no it's 59 and a half n/t |
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Lerkfish (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 06:47 PM Response to Original message |
12. you have to weigh the cost taxwise and withdrawal wise |
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gateley (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 06:51 PM Response to Reply #12 |
14. I have no choice either. |
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DesertFlower (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 06:54 PM Response to Original message |
16. we used to take loans on ours. |
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gateley (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 06:58 PM Response to Reply #16 |
21. That's a perfect use for it! |
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msedano (682 posts) Send PM | Profile | Ignore | Sat Mar-01-08 07:00 PM Response to Original message |
24. does the plan allow a loan? |
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gateley (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 07:05 PM Response to Reply #24 |
25. I'm unemployed so ineligible for a loan. |
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msedano (682 posts) Send PM | Profile | Ignore | Sat Mar-01-08 10:17 PM Response to Reply #25 |
43. You have studied the plan document well, |
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gateley (1000+ posts) Send PM | Profile | Ignore | Sun Mar-02-08 01:47 AM Response to Reply #43 |
44. I'll be speaking to JP Morgan on Monday. |
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Lost-in-FL (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 07:05 PM Response to Original message |
26. I might have done something stupid but... |
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gateley (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 07:14 PM Response to Reply #26 |
30. Taking a 5% loan sure doesn't sound stupid to me. |
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gateley (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 07:16 PM Response to Reply #30 |
32. Thank you EVERYONE -- |
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Lost-in-FL (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 07:41 PM Response to Reply #30 |
38. yup!! |
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SlowDownFast (1000+ posts) Send PM | Profile | Ignore | Sun Mar-02-08 11:24 AM Response to Reply #26 |
46. It might not have been stupid, after all. |
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elehhhhna (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 07:45 PM Response to Original message |
39. Look into bankruptcy FIRST. |
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gateley (1000+ posts) Send PM | Profile | Ignore | Sat Mar-01-08 07:56 PM Response to Reply #39 |
40. Good advice, but I have no bills -- |
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Chacarron (13 posts) Send PM | Profile | Ignore | Sun Mar-02-08 10:14 AM Response to Original message |
45. Not me |
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bhikkhu (1000+ posts) Send PM | Profile | Ignore | Fri Mar-07-08 01:24 AM Response to Original message |
47. Cashed out 15k in 2005. Misc issues... |
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leftofthedial (1000+ posts) Send PM | Profile | Ignore | Fri Mar-07-08 11:33 AM Response to Original message |
49. yep |
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Lochloosa (1000+ posts) Send PM | Profile | Ignore | Sat Mar-08-08 11:15 PM Response to Original message |
52. If you need cash. Roll it into a IRA and withdraw only what you need |
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A HERETIC I AM (1000+ posts) Send PM | Profile | Ignore | Sat Mar-08-08 11:42 PM Response to Reply #52 |
53. The rules regarding early distribution of an IRA and a 401(K) are almost identical. |
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