I want my 401k money now!!!

Discussion in 'UPS Discussions' started by Faceplanted, Apr 17, 2018.

  1. Faceplanted

    Faceplanted Well-Known Member

    so as the title states, what is the process to withdraw my 401k/Roth ira and is it even possible?

    before the “it’s a bad idea” I already have other investments, and I have absolutely 0 debt besides homes that all have over 50% equity

    I don’t care about penalties or taxes. Is it possible?

    Like I said I’m not trying to get a loan, I want all my damn money out now. I can get way better returns than the stupid 5-10% I have been getting. Thanks in advanced!!!!
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  2. rod

    rod retired and happy

    So how much do you owe your bookie?
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  3. 1989

    1989 Well-Known Member

    Stormy Daniels got to you too?
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  4. Faceplanted

    Faceplanted Well-Known Member

    Lmfao!!!! I’m good!!! I actually cashed out a few grand this year from my nfl season

    Like I said, I’m in a great place financially, I just want more liquidity as I have found better ways to invest my money.
  5. Faceplanted

    Faceplanted Well-Known Member

    I’m on the prudential site. Can I honestly not withdraw my 401k/Roth? I put my money into it, ups didn’t match anything.

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  6. UpstateNYUPSer

    UpstateNYUPSer Single digit midget!

    You should be able to withdraw the after tax contributions without tax or penalty.
  7. Faceplanted

    Faceplanted Well-Known Member

    Upstate. Your the last person I thought would bless me with knowledg

    Iv been on the prudential site, I can’t find how to do this. I’m probably gonna have to call tomorrow.

    I’m honestly frustrated. It’s my money I should be able to do whatever I want with it. I totally understand withdraw penalties and tax rules for my pre tax contributions.
  8. john chesney

    john chesney Well-Known Member

    Only for hardships if you’re still working with the company. The ones I remember off hand are medical bills,major home repairs, adoption and to prevent foreclosure on your main residence.I can’t remember everything but it’s pretty restrictive
  9. john chesney

    john chesney Well-Known Member

    Yes if you put after tax money in you can withdraw it anytime no restrictions. I’ve done it many times
  10. Mugarolla

    Mugarolla Light 'em up!

    @UpstateNYUPSer is right.

    You can withdraw your after tax contributions penalty free, and you can withdraw all the rest and pay a 10% penalty.
  11. Faceplanted

    Faceplanted Well-Known Member

    I recommend to any person with half a brain and more then room temperature iq to stay away from teamsters/ups 401k

    You can do much better on your own.

    For the average employee it’s great
  12. Faceplanted

    Faceplanted Well-Known Member

    Thanks brother. I’ll call tomorrow.
  13. Call JG Wentworth and get the cash now.
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  14. Poop Head

    Poop Head rubber bands on the handle

    Is it weed?
  15. Faceplanted

    Faceplanted Well-Known Member

    Forex using leverage

    Crypto currencies using leverage

    Crypto currencies in general

    No money in the weed game homie!!!

    I highly reccomend anybody who is good with numbers and recognizing patterns, spend an hour a day researching how to make money in crypto and forex. After 2-3 months you should be able to easially see 25-100% roi each year.

    Time much better spent then looking at people’s Facebook or playing mind numbing games on your phone.
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  16. Dhydratd

    Dhydratd Active Member

    Sex-change operations cost that much?
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  17. Faceplanted

    Faceplanted Well-Known Member

    Free if you go to jail or the military. Just ask Bradley Manning.

    It’s a new world brah
  18. dudebro

    dudebro Well-Known Member

    True, but you will still pay income tax on any money the contributions earned while they were in the Roth. For instance, if you put in 9,000 and it grew to 10,000, 10% of that money was earned but not taxed.

    If you withdraw it all, yes, the 9k was after tax, but you'll still owe income tax on the extra $1,000.

    I would talk to a planner if I were you. Assuming you can easily earn >10% "easy" is usually a fool's pursuit, and your starting chunk is going to have a tax bite taken out of it unless you lost money.
  19. Faceplanted

    Faceplanted Well-Known Member

    I understand tax implications very well. I have no problem paying Uncle Sam what he wants. I had to pay this year on alll trades I made so I leaned a lot. Like I said, I can use my 401k/Roth money much better. Not everybody can.

    The average financial advisor knows less than me when it comes to using leverage in the crypto markets, swing trading ect. I still Have tons to learn, but I have been doing very well. Maybe I loose it all, I doubt I do. I would much rather roll the dice, than wage cuckservative till I’m 55.
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