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Author Topic: 401k and IRA account  (Read 1686 times)

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Offline baddabing

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401k and IRA account
« on: September 19, 2016, 12:55:21 PM »
Lets say you have an IRA acount of 60k, you want to close the account and take out the money. 

After taxes how much of that money will be yours? 

Anybody done it before?



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Offline moonangel

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Offline slude

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Re: 401k and IRA account
« Reply #2 on: September 22, 2016, 01:00:16 PM »
of the $60k you will probably end up with $35k-45k

don't do it, even if you desperately need it, go get a loan elsewhere.



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Offline YAX

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Re: 401k and IRA account
« Reply #3 on: September 23, 2016, 10:35:07 PM »
You'll likely het about 60-65℅ of that so just multiply the total in the account by about 0.65 and you will have a rough estimate.



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Offline hmgROCK

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Re: 401k and IRA account
« Reply #4 on: September 19, 2018, 10:41:04 AM »


YES! I have, and it's the best decision I've ever made. Paid my 10% penalty fee and tax. Just make sure you have a REALLY good CPA! I invested that 401k in real estate, property went up in value, no mortgage, and making passive income every month. I think 401k is a scam. I no longer have a 401k.     

401k is not a scam
it is pretty good if your workplace is matching
i highly suggest you take it if they match

at least match it to the companies matching

FOR example:  if your company match 4%, do 4%
that like putting $8 down and getting $8 also for a total of $16
damn that is some nice return





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Offline DuMa

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Re: 401k and IRA account
« Reply #5 on: September 19, 2018, 10:58:56 AM »
100% match is nice.  Don't sit on it till retire though.  With inflation, your money might be worthless when you do retire n cash out on your 401k.

Depending on where you live, around here, a house can be had for 200k.  You calculate when will it that you will get your 200k minus tax.  You then buy that house and gives it to a property management company to collect rent and fix your house for you.  If 100% match, that is like buying a house for half price. 

Free money coming every month. 

Rinse and repeat until you do retire at the age where they don't tax your 401k.  Take it out n buy another house. 

So now you are retired with 3 checks coming.  2 from your properties and one from Uncle Sam called social security benefits.

You'll be alright.  You want to retire with income stream flowing from everywhere for not working.  Live a good life till you die.




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Offline Renaissance

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Re: 401k and IRA account
« Reply #6 on: September 24, 2018, 01:59:53 PM »


YES! I have, and it's the best decision I've ever made. Paid my 10% penalty fee and tax. Just make sure you have a REALLY good CPA! I invested that 401k in real estate, property went up in value, no mortgage, and making passive income every month. I think 401k is a scam. I no longer have a 401k.     

The real estate market is HOT now so it's not a bad idea to take a 10% hit and pay the taxes to invest in real estate 2 to 3 years ago.  That's what my brother in law did.  At the same time the stock market is really HOT now too.  Right now you can earn 8%-15% on your 401k depending on your investments.  Diversifying is the better option.  I think 5 or 6 years down the road the housing market will turn for the worse.



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