Thank you cares act!!!! 401k is mine

[IVE GOTTA PACKAGE 4U]

It’s very tempting only because it’s a once in a lifetime opportunity. This will never happen again. Where the govt says, you can take money out of your 401K, any age. No proof of hardship. Nothing. Answer a few questions that will never be looked into. And pay no penalty. Just taxes.

And all that tax money you paid could have stayed in the market for decades and made big gains.

 

[ManInBrown]

And all that tax money you paid could have stayed in the market for decades and made big gains.

Yeah and also not make big gains. Nothing is promised. I know people that retired around 2009 during the housing crash and took a beating. Got nervous and pulled their entire balance out and lost 100s of thousands of dollars. You have to think the Cares Act is allowing people that normally would have never been able to, to purchase homes. It’s not easy saving up 40K-50K. I live in an area where it’s a fortune to own. I can’t afford to buy something and pay $15,000 a year in property taxes.

 

[IVE GOTTA PACKAGE 4U]

Yeah and also not make big gains. Nothing is promised. I know people that retired around 2009 during the housing crash and took a beating. Got nervous and pulled their entire balance out and lost 100s of thousands of dollars. You have to think the Cares Act is allowing people that normally would have never been able to, to purchase homes. It’s not easy saving up 40K-50K. I live in an area where it’s a fortune to own. I can’t afford to buy something and pay $15,000 a year in property taxes.

Then maybe you should put less in your 401k and more in your bank account

 

[ManInBrown]

Then maybe you should put less in your 401k and more in your bank account

It’s a fine line.

 

[baklava]

Why does everyone want to pull their money out of the 401k?

In my case, I can’t contribute to it anymore, and I’d like to be able to put a down payment on another house and rent out my current one. Window of opportunity to do this without 10% penalty, plus it’s all UPS stock so it’s higher than its ever been. It’s the smaller of my two 401Ks and I’m keeping my Teamster Prudential one.

 

[IVE GOTTA PACKAGE 4U]

It’s a fine line.

you might need that 401k money to pay those high property taxes when your house is paid off and you are retired

 

[IVE GOTTA PACKAGE 4U]

In my case, I can’t contribute to it anymore, and I’d like to be able to put a down payment on another house and rent out my current one. Window of opportunity to do this without 10% penalty, plus it’s all UPS stock so it’s higher than its ever been. It’s the smaller of my two 401Ks and I’m keeping my Teamster Prudential one.

Good luck to

 

[Brownslave688]

Then maybe you should put less in your 401k and more in your bank account

But why would anyone put big money down with 2.5% mortgages....

 

[IVE GOTTA PACKAGE 4U]

But why would anyone put big money down with 2.5% mortgages....

And lose the power of compounding over time for their 401k.

 

[IVE GOTTA PACKAGE 4U]

I guess it's time to post this again

How does compound interest work? | Money Under 30

Compound interest is the process of your money making money, and then that money making even MORE money.

www.moneyunder30.com

 

[babboo25]

Who wants to wait til 59 1/2 though, life is too short. I’d rather put $ in an IRA and have access anytime I want, yes u may pay taxes but I like the freedom.

 

[542thruNthru]

I think a lot of folks will be very sorry down the line

Not if you put all your money in crypto currency and Tito's vodka. Everyone else is a dumb wage slave....

 

[IVE GOTTA PACKAGE 4U]

Not if you put all your money in crypto currency and Tito's vodka. Everyone else is a dumb wage slave....

The Tito's would have been a great investment earlier this year after they closed all the liquor stores down

 

[Johney]

Just made the call. Pulling out my pre-tax contributions. The last little nugget is Roth and the cares act doesn’t apply so I’ll leave it in as UPS stock for a post-retirement vacation fund...or to get my wife’s tits done.

Pretty much every guy I know who bought his wife tits she left him not to far after.

 

[IVE GOTTA PACKAGE 4U]

Pretty much every guy I know who bought his wife tits she left him not to far after.

We should all buy our wives instead of tits...

 

[542thruNthru]

The Tito's would have been a great investment earlier this year after they closed all the liquor stores down

You're a cancer to this website...

 

[Nolimitz]

But why would anyone put big money down with 2.5% mortgages....

To avoid PMI

 

[Overpaid Union Thug]

And lose the power of compounding over time for their 401k.

Slightly different topic but that is exactly what I can’t get through to a buddy of mine. He has taken out quite a few substantial “loans” against his 401k over the years. Not for emergencies. Not for anything most people would consider worthy of raiding their nest egg for. Only to buy cars and a few other odds and ends. He justifies it by saying “it’s the best way to borrow money cause you’re paying yourself back with interest.

 

[542thruNthru]

To avoid PMI

He don't know what that is. Houses in his area are like 100k to buy but 300k to fix up.

 

[IVE GOTTA PACKAGE 4U]

To avoid PMI

And give up your future for a few bucks a month?