Can I withdraw ROTH 401K somehow?
- Thread starter Smooth_Loader
- Start date
Wally
BrownCafe Innovator & King of Puns
You pay yourself back, so why not use the 401k money? If we have a correction, he could benefit.
Or if we have an upswing, he could miss a large return.
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Future
Victory Ride
Thank you Nelson Rockefeller
Wally
BrownCafe Innovator & King of Puns
True, but the money is going to another asset.
Indecisi0n
Well-Known Member
Nooooooooo
Or if he would happen to lose his job or quit that would be a taxable event plus penalties.
Future
Victory Ride
Let me check my manual
DriveInDriveOut
Inordinately Right
Taking out a loan in order to qualify for another loan.
Murica'!!!
Speaking of.... You need to get back into the 401k
Nobody understands what a 401k is . It's not a bank account it's a retirement account.
You could get the money if you get fired or if you retire very early and write a letter with proof of retirement. Not alot of help, I know. I always thought I could fall back on Roth if I needed to, at least for the amount I contributed myself, already paid tax for 
sake. I found out the hard way. 59 1/2
sake. I found out the hard way. 59 1/2
Future
Victory Ride
That's why I have my ROTH money in a Roth IRA. you can take the contributions out any time without penalty.You could get the money if you get fired or if you retire very early and write a letter with proof of retirement. Not alot of help, I know. I always thought I could fall back on Roth if I needed to, at least for the amount I contributed myself, already paid tax for
Smart, if Prudential offered that thru UPS I would have done it. I started as an undisciplined kid, single probably 30 years old. If not for the automatic payroll deduction I would have no money saved.
No good reason to contribute to the UPS 401K if you are hourly, there is no match. The rule of 59 1/2 assumes you are getting matching funds. NEVER go 401k if there is no match, Traditional IRA is the way. Now I know.
It's still smart to save in the 401k. Number one, whet you don't see you don't miss. It can also help you out at income tax time and they have very low fees.
I meant 401k Roth is a bad Idea if you get no match. The regular 401k is great. It will help every year at tax time and you can borrow from it in emergencies. You just have to pay tax later, presumably in a lower bracket.
ROTH is also a good option, especially if you are a younger person. Decades of growth without ever paying any taxes on the gains.
Also withdrawals from the ROTH won't count against your social security as income, that could save you some tax money
Also withdrawals from the ROTH won't count against your social security as income, that could save you some tax money
