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Message
Taking money out of retirement
Posted on 11/12/13 at 12:04 pm
Posted on 11/12/13 at 12:04 pm
I have searched, but I haven't really found the answer I am looking for. My question to the MB is: If I take money out of my retirement account, will I get penalized? If so, how does that work?
Thanks
Thanks
Posted on 11/12/13 at 12:11 pm to Tete Verte
Depends on what you mean when you say "retirement account," depends (maybe) on why you're taking it out, depends on a lot of things. Without more details no one can answer this.
Posted on 11/12/13 at 12:46 pm to BigErn
If you mean taking money out of your 401k Plan then yes. Assuming you are younger then 59 / 60 years old, you will be hit with the following:
1. Money will be taxed at your current tax rate
2. 10% penalty
If you need the money, a loan from your 401k (if allowed) may be a better option than a withdrawal.
1. Money will be taxed at your current tax rate
2. 10% penalty
If you need the money, a loan from your 401k (if allowed) may be a better option than a withdrawal.
This post was edited on 11/12/13 at 12:48 pm
Posted on 11/12/13 at 12:47 pm to Tete Verte
Need more details. Also, hard to believe you couldn't find the answer on google.
Posted on 11/12/13 at 12:48 pm to Cold Cous Cous
quote:I apologize as I am not very knowledgeable in this area. This is dealing with my 401K. I was behind on a few bills, so I asked to withdraw $4,000 out of my account. They lady I spoke with on the phone told me that I would have to file it on my taxes? Again, I apologize as I do not know much about this kind of stuff
Depends on what you mean when you say "retirement account," depends (maybe) on why you're taking it out, depends on a lot of things. Without more details no one can answer this.
Posted on 11/12/13 at 12:49 pm to Tete Verte
It will be taxed plus a 10% penalty
Posted on 11/12/13 at 1:24 pm to yellowfin
quote:
It will be taxed plus a 10% penalty
yep
Posted on 11/12/13 at 2:06 pm to Fat Bastard
You can take a loan out against your 401k.
Thats the way to go.
Quit overspending.
Thats the way to go.
Quit overspending.
Posted on 11/12/13 at 2:28 pm to barry
quote:
You can take a loan out against your 401k.
Not all plans allow for loans.
Posted on 11/12/13 at 6:52 pm to Tete Verte
To be honest find another way to catch up. Part time job, sell things you don't need anymore, ect.
I wouldn't touch your 401k unless you're in danger of being put out on the street. The penalties are too heavy.
I wouldn't touch your 401k unless you're in danger of being put out on the street. The penalties are too heavy.
Posted on 11/12/13 at 7:48 pm to Tete Verte
Take out a loan against your 401K, not a withdrawal.
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