I want my 401k money now!!!

[Mr. Sir]

It encourages irresponsibility.

Fair enough

 

[purehavanne]

I changed my contribution to 0% few months back and bought a rental condo. I plan to buy a property every year for the rest of my working years. For the financially literate/savvy, 401k is a horrible investment. Who the hell wants to wait till their 60’s to access their own money? Only eliminate your retirement account if you have DISCIPLINE!

 

[brownmonster]

We had a driver withdraw $120K or so to buy a vacation home. She forgot to plan for the tax hit------she told me that she was doing her taxes over the weekend and was shocked when she learned that has to pay an additional $20K in tax.

I made a similar but smaller mistake last year. I withdrew $6K from my Roth IRA to pay off my son's credit cards and totally forgot about the tax implications, which came out to about $2K combined for state and federal.

#daveramsey

 

[Coldworld]

Sounds like you're "enabling" your kids to continue their bad habits.

Might as well give the kids his condo also

 

[Faceplanted]

I changed my contribution to 0% few months back and bought a rental condo. I plan to buy a property every year for the rest of my working years. For the financially literate/savvy, 401k is a horrible investment. Who the hell wants to wait till their 60’s to access their own money? Only eliminate your retirement account if you have DISCIPLINE!

My wife and I own a couple rental properties

There are some cities such as Vegas where a townhouse right off the strip can give you huge returns via Airbnb. A friend of mine bought one a couple years ago and has a management company that specializes in Airbnb to takes care of it. Easy money.

But hey, let these boomers depend on their 401k and wait till their 60.

 

[Brownslave688]

Who wouldn't want a free bail out? Lol

Much more satisfying doing it on my own.


Wife and moved in together at 19 and 21. Did we wish we had more help at times? You bet. Mostly I thought her dad should be helping some with her school instead of buying airplanes.

But paying off that 6 figure student loan debt and being worth about a million dollars in our mid 30's all on our own makes it seem like that much more of an accomplishment

 

[trickpony1]

It encourages irresponsibility.

The definition of responsibility is "the ability to respond".
Just a wild guess but it appears some kids don't have it.

My parents never paid off my credit card. (1)

 

[wide load]

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!!!!

Bitcoin is a bad idea!

 

[brownmonster]

The definition of responsibility is "the ability to respond".
Just a wild guess but it appears some kids don't have it.

My parents never paid off my credit card. (1)

My dad said "what does a single guy need a credit card for?"

 

[upschuck]

Early withdrawal.

I thought you could withdraw the amount you put in without penalty for Roth?

 

[Brownslave688]

Bitcoin is a bad idea!

Thank you for that in depth analysis.







Also there's a whole lot more than bitcoin in the crypto space.

 

[Faceplanted]

Just got off the phone they said I can’t withdraw. Wtf? Are they bsing me?

I have a Roth 401k
And I have a regular 401k

I thought I could take out my Roth 401k... can i not?

 

[1989]

I changed my contribution to 0% few months back and bought a rental condo. I plan to buy a property every year for the rest of my working years. For the financially literate/savvy, 401k is a horrible investment. Who the hell wants to wait till their 60’s to access their own money? Only eliminate your retirement account if you have DISCIPLINE!

401k (s and p 500) opinion have been my worst investment over the last 25 years. The scam is the limited rollover options. Take it out of one scam and put it in another.

 

[1989]

Just got off the phone they said I can’t withdraw. Wtf? Are they bsing me?

I have a Roth 401k
And I have a regular 401k

I thought I could take out my Roth 401k... can i not?

It’s a scam. The whole 401k law is.

 

[Faceplanted]

It’s a scam. The whole 401k law is.

So can I not withdraw my Roth 401k? I already paid taxes on it.

I’m assuming they make it hard to withdraw as the stock market is basically being propped up by this bs

Gonna call a little later and talk to somebody else.

 

[Faceplanted]

Bitcoin is a bad idea!

You obviously know nothing about this sector as you automatically assuming cryptocurrency means bitcoin

Thanks for the advice dad.

 

[wide load]

Thank you for that in depth analysis.







Also there's a whole lot more than bitcoin in the crypto space.

Litcoin too.

 

[wide load]

You obviously know nothing about this sector as you automatically assuming cryptocurrency means bitcoin

Thanks for the advice dad.

Litcoin too

 

[1989]

I’ve got some 89er coin.

 

[Faceplanted]

Litcoin too

Lmfao..... thanks man.

We got a crypto expert over here.