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re: Taking money out of retirement
Posted on 11/12/13 at 12:12 pm to Tete Verte
Posted on 11/12/13 at 12:12 pm to Tete Verte
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1
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
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