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401k question
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 410227" data-attributes="member: 12570"><p>Yeah, you would lose 20% off the top right away and then you would have to claim the withdrawal as income and would have to pay tax on it so you could stand to lose quite a bit of money, depending on how much you have in your account. I don't blame you for being nervous--I have watched my 401k free fall and have moved my funds around to try to stop the bleeding. The good thing for me (and for you, I assume) is that I have time (11 years for me, much longer for you) before I retire and start to take money out so things will turn around.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 410227, member: 12570"] Yeah, you would lose 20% off the top right away and then you would have to claim the withdrawal as income and would have to pay tax on it so you could stand to lose quite a bit of money, depending on how much you have in your account. I don't blame you for being nervous--I have watched my 401k free fall and have moved my funds around to try to stop the bleeding. The good thing for me (and for you, I assume) is that I have time (11 years for me, much longer for you) before I retire and start to take money out so things will turn around. [/QUOTE]
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