Is it a good idea to use your 401k retirement to get out of debt?
Q. Like most, my 401k has really suffered this last year. Outside of that I lost my job so my employer is no longer contributing. Since I am losing money, is it a good idea to just take the money and pay off all my credit card debt I acquired while out of work for 6 months? I am 45 years old with an 11 year old son. I started working again but it's through a temp agency. Just sick of paying $350 per month on credit cards!
Asked by Norah S - Sun Apr 19 23:23:05 2009 - - 6 Answers - 0 Comments
A. If you don't roll over your old 401k into an IRA. (let the bank do it so it doesn't cost you in fees and fines thru the IRS) then you need to sit down and evaluate the situation. If you cash it out: Immediate 10% penalty that is taken out before you see the rest. The whole amount they give you is considered income and added to your regular income of the year and you are responsible to pay taxes on this again. You may not see a tax return even as a Head of Household with qualifying child but actually owe money to the IRS next year. What is it going to be? Wipe out the credit card debt with the 401K money and then owe Uncle Sam next year? Some advise I can give you to avoid the tax disaster next year: When they ask you how much you… [cont.]
Answered by Reena - Sun Apr 19 23:44:03 2009
Q. Like most, my 401k has really suffered this last year. Outside of that I lost my job so my employer is no longer contributing. Since I am losing money, is it a good idea to just take the money and pay off all my credit card debt I acquired while out of work for 6 months? I am 45 years old with an 11 year old son. I started working again but it's through a temp agency. Just sick of paying $350 per month on credit cards!
Asked by Norah S - Sun Apr 19 23:23:05 2009 - - 6 Answers - 0 Comments
A. If you don't roll over your old 401k into an IRA. (let the bank do it so it doesn't cost you in fees and fines thru the IRS) then you need to sit down and evaluate the situation. If you cash it out: Immediate 10% penalty that is taken out before you see the rest. The whole amount they give you is considered income and added to your regular income of the year and you are responsible to pay taxes on this again. You may not see a tax return even as a Head of Household with qualifying child but actually owe money to the IRS next year. What is it going to be? Wipe out the credit card debt with the 401K money and then owe Uncle Sam next year? Some advise I can give you to avoid the tax disaster next year: When they ask you how much you… [cont.]
Answered by Reena - Sun Apr 19 23:44:03 2009
Are there any mutual fund companies with 2x ETF funds that also offer a 401k retirement program?
Q. I want to invest 2xETSs and inverse in my 401k. Thanks.
Asked by doublealoha - Thu Jan 22 10:42:20 2009 - - 2 Answers - 0 Comments
A. You are limited to the options offered by your employer's plan. If you have a self-directed brokerage account option in your 401(k), you can buy any ETF that you want.
Answered by jlf - Thu Jan 22 10:53:14 2009
Q. I want to invest 2xETSs and inverse in my 401k. Thanks.
Asked by doublealoha - Thu Jan 22 10:42:20 2009 - - 2 Answers - 0 Comments
A. You are limited to the options offered by your employer's plan. If you have a self-directed brokerage account option in your 401(k), you can buy any ETF that you want.
Answered by jlf - Thu Jan 22 10:53:14 2009
Is it possible to cash out your 401K retirement money early when you quit a job to buy a house?
Q. I need to speak to a CPA about this, but I was just curious on what everyone thinks. I know I will be penalized for taking money out early and I do know that if I were hypothetically was going to take a loan out, it can't be used to buy a house. However, what if I was to quit? Am I allowed to touch that money for a house? Any thoughts would be helpful. Thank you!
Asked by columbiabravesouls_7 - Mon Jul 28 10:45:46 2008 - - 6 Answers - 0 Comments
A. You will be taxed and pay a penalty. Then do whatever you want with the money
Answered by Clueless - Mon Jul 28 10:59:12 2008
Q. I need to speak to a CPA about this, but I was just curious on what everyone thinks. I know I will be penalized for taking money out early and I do know that if I were hypothetically was going to take a loan out, it can't be used to buy a house. However, what if I was to quit? Am I allowed to touch that money for a house? Any thoughts would be helpful. Thank you!
Asked by columbiabravesouls_7 - Mon Jul 28 10:45:46 2008 - - 6 Answers - 0 Comments
A. You will be taxed and pay a penalty. Then do whatever you want with the money
Answered by Clueless - Mon Jul 28 10:59:12 2008
How do get you access to a 401K retirement investment?
Q. Is it through a bank or is it at the Bank you that you have a savings or checking account with?. and What happens to it when quit the Job that you have the 410K retirement plan with. Also How does it work?.
Asked by HEY DAY - Sat Jun 27 17:38:39 2009 - - 3 Answers - 0 Comments
Q. Is it through a bank or is it at the Bank you that you have a savings or checking account with?. and What happens to it when quit the Job that you have the 410K retirement plan with. Also How does it work?.
Asked by HEY DAY - Sat Jun 27 17:38:39 2009 - - 3 Answers - 0 Comments
US Dollar conference on IRA and 401K Retirement Investment?
Q. There is a Documentary conference on the US Dollar talking about Retirement of 401K and IRA? I saw sneak peak of it on youtube for a few minutes and lost the link is like 30-40 minutes a lady presenting it. Audience raise hands. now I can't find it? Does anyone know what about talking about?
Asked by drainitage - Tue Mar 24 22:01:44 2009 - - 1 Answers - 0 Comments
A. no but should some one come forward with the info please email me the link!!!
Answered by mister ed - Wed Mar 25 16:06:50 2009
Q. There is a Documentary conference on the US Dollar talking about Retirement of 401K and IRA? I saw sneak peak of it on youtube for a few minutes and lost the link is like 30-40 minutes a lady presenting it. Audience raise hands. now I can't find it? Does anyone know what about talking about?
Asked by drainitage - Tue Mar 24 22:01:44 2009 - - 1 Answers - 0 Comments
A. no but should some one come forward with the info please email me the link!!!
Answered by mister ed - Wed Mar 25 16:06:50 2009
I am 27 years old and make 30k a year. I only have 5k saved in my 401k. Retirement planning.?
Q. I set 6% of my after taxes income to my 401k. My company matches that with 4%. How much do I need to save to retire comfortably? What is the best way to achieve this goal at my age?
Asked by debon.alana - Sat Apr 3 19:55:20 2010 - - 4 Answers - 0 Comments
A. First of all you should be contributing 401k pretax NOT after tax. Pretax reduces your AGI therefore giving you a bigger tax return each year. How much you need to save depends on many factors: How much of your current salary do you want to make in retirement? 100%, 75% 50%? What is your life expectancy? Do you plan to live until 100 or 75? Will you draw on SSI in retirement? (Depends on the kind of job you have and if it pays into the system) How do you have your current 401k invested today? What is the expected rate of return on your investments? What % salary increase do you expect to see annually over the next 30 years? I started contributing to my company 401k when I was 24. I contributed 16% pretax and my employer matched up… [cont.]
Answered by LA Boston Gal - Sat Apr 3 21:01:33 2010
Q. I set 6% of my after taxes income to my 401k. My company matches that with 4%. How much do I need to save to retire comfortably? What is the best way to achieve this goal at my age?
Asked by debon.alana - Sat Apr 3 19:55:20 2010 - - 4 Answers - 0 Comments
A. First of all you should be contributing 401k pretax NOT after tax. Pretax reduces your AGI therefore giving you a bigger tax return each year. How much you need to save depends on many factors: How much of your current salary do you want to make in retirement? 100%, 75% 50%? What is your life expectancy? Do you plan to live until 100 or 75? Will you draw on SSI in retirement? (Depends on the kind of job you have and if it pays into the system) How do you have your current 401k invested today? What is the expected rate of return on your investments? What % salary increase do you expect to see annually over the next 30 years? I started contributing to my company 401k when I was 24. I contributed 16% pretax and my employer matched up… [cont.]
Answered by LA Boston Gal - Sat Apr 3 21:01:33 2010
i have a 401k retirement with janus mid cap and would like to remove it?
Q. how do i go about this and are there any pentites
Asked by cindy g - Sat May 3 11:28:08 2008 - - 2 Answers - 0 Comments
Q. how do i go about this and are there any pentites
Asked by cindy g - Sat May 3 11:28:08 2008 - - 2 Answers - 0 Comments
Where 401k & Retirement money go on Tax form 1040EZ?
Q. When I was at a old job they took out money from each check to go to a 401k and a Retirement plans. My question is where on the 1040 EZ form do I put the money from these plans, would they be considered (Wages,salaries& tips-Line1) or (Taxable Interest-Line 2)?
Asked by thephnx39 - Sat Feb 7 15:13:52 2009 - - 2 Answers - 0 Comments
Q. When I was at a old job they took out money from each check to go to a 401k and a Retirement plans. My question is where on the 1040 EZ form do I put the money from these plans, would they be considered (Wages,salaries& tips-Line1) or (Taxable Interest-Line 2)?
Asked by thephnx39 - Sat Feb 7 15:13:52 2009 - - 2 Answers - 0 Comments
Any way to use 401k to help pay for grad school?
Q. My husband is starting business school in the fall. I completed his FAFSA and our expected personal contribution is $53k per year (yikes!). He has a considerable amount saved in his 401k account and since we are both young it might make sense to use that 401k retirement $ towards school expenses. Is there any way to do this without incurring huge penalties? I know we would pay taxes on the amount in the 401k, but if we are using it for education expenses it seems like there might be some way to use the money without paying the penalty... Does anyone know of a good way to do this?
Asked by mcrevell80 - Tue Feb 27 09:36:02 2007 - - 4 Answers - 0 Comments
A. way better off iwth student loan...interest rate is lower AND partially deductible. Further, the time period is extended out. A 401k loan is payable in only 5 years. Hefty payments to make while he's in grad school. At least the student loan payments don't start until you graduate. Do not take a distribution from your 401k for this...that 50k that you'll need will end up costing your retirement account about 500k. AND that's not including the penalty.
Answered by digdowndeepnseattle - Tue Feb 27 11:58:12 2007
Q. My husband is starting business school in the fall. I completed his FAFSA and our expected personal contribution is $53k per year (yikes!). He has a considerable amount saved in his 401k account and since we are both young it might make sense to use that 401k retirement $ towards school expenses. Is there any way to do this without incurring huge penalties? I know we would pay taxes on the amount in the 401k, but if we are using it for education expenses it seems like there might be some way to use the money without paying the penalty... Does anyone know of a good way to do this?
Asked by mcrevell80 - Tue Feb 27 09:36:02 2007 - - 4 Answers - 0 Comments
A. way better off iwth student loan...interest rate is lower AND partially deductible. Further, the time period is extended out. A 401k loan is payable in only 5 years. Hefty payments to make while he's in grad school. At least the student loan payments don't start until you graduate. Do not take a distribution from your 401k for this...that 50k that you'll need will end up costing your retirement account about 500k. AND that's not including the penalty.
Answered by digdowndeepnseattle - Tue Feb 27 11:58:12 2007
Should the U.S. government take your 401K retirement savings?
Q. There is talk of the new Liberal government confiscating workers' personal retirement accounts and converting them into accounts managed by the Social Security Administration. I guess this can be considered "redistribution of wealth". Is this a good Idea?
Asked by Tom S - Mon Nov 10 10:24:13 2008 - - 4 Answers - 0 Comments
A. I heard Dave Ramsey speak abut this subject last Friday and it is pure bunk. This whole hullabaloo started because Argentina nationalized the Argentinian pension funds and some idiot reporter extrapolated that and one or two totally unrelated statements from a hearing in Washington on a totally unrelated subject into this scaremongering garbage.
Answered by Jeanne R - Mon Nov 10 10:29:04 2008
Q. There is talk of the new Liberal government confiscating workers' personal retirement accounts and converting them into accounts managed by the Social Security Administration. I guess this can be considered "redistribution of wealth". Is this a good Idea?
Asked by Tom S - Mon Nov 10 10:24:13 2008 - - 4 Answers - 0 Comments
A. I heard Dave Ramsey speak abut this subject last Friday and it is pure bunk. This whole hullabaloo started because Argentina nationalized the Argentinian pension funds and some idiot reporter extrapolated that and one or two totally unrelated statements from a hearing in Washington on a totally unrelated subject into this scaremongering garbage.
Answered by Jeanne R - Mon Nov 10 10:29:04 2008
Someone that I know took out their 401K Retirement Plan before age 65.?
Q. And the damn government took out taxes on it...over half of the total amount. He had a total of about 13,000. The government took out over 8,000 and left him with only 5,000. He worked at his job for 18 years...and that's all he gets??? There has to be something he can do about this!!! I saw the check yesterday. He showed it to me. The total amount was $17,000. He had borrowed $3,000 a couple years ago. So that leaves $14,000. What's happened?? Why are they taking out $8,000 in taxes still? He just did his taxes this year. He only owed $300 to the IRS, which he paid.
Asked by Mel - Fri Mar 9 10:19:36 2007 - - 7 Answers - 0 Comments
A. He can read the law before he does something stupid like this. The law clearly states that you pay ordinary income taxes for withdrawals from a 401(k) retirement plan. In addition if you withdraw before you are 59.5 years old you pay a 10% penalty. Plain as day, well known by lots of people and available information from every HR department. Assuming he did not try to hide his withdrawal and, thus, incur further penalties the most he could have paid for the $13,000 withdrawal would be $5,850 ($1300 plus 35% of $13,000). Your statement that "He worked at his job for 18 years...and that's all he gets???" is disingenuous. You don't know how much he contributed into his plan, how well he did directing his investments or anything else. … [cont.]
Answered by Flyboy - Fri Mar 9 10:39:38 2007
Q. And the damn government took out taxes on it...over half of the total amount. He had a total of about 13,000. The government took out over 8,000 and left him with only 5,000. He worked at his job for 18 years...and that's all he gets??? There has to be something he can do about this!!! I saw the check yesterday. He showed it to me. The total amount was $17,000. He had borrowed $3,000 a couple years ago. So that leaves $14,000. What's happened?? Why are they taking out $8,000 in taxes still? He just did his taxes this year. He only owed $300 to the IRS, which he paid.
Asked by Mel - Fri Mar 9 10:19:36 2007 - - 7 Answers - 0 Comments
A. He can read the law before he does something stupid like this. The law clearly states that you pay ordinary income taxes for withdrawals from a 401(k) retirement plan. In addition if you withdraw before you are 59.5 years old you pay a 10% penalty. Plain as day, well known by lots of people and available information from every HR department. Assuming he did not try to hide his withdrawal and, thus, incur further penalties the most he could have paid for the $13,000 withdrawal would be $5,850 ($1300 plus 35% of $13,000). Your statement that "He worked at his job for 18 years...and that's all he gets???" is disingenuous. You don't know how much he contributed into his plan, how well he did directing his investments or anything else. … [cont.]
Answered by Flyboy - Fri Mar 9 10:39:38 2007
Should I liquidate my 401K because the dollar is going worthless?
Q. Should I liquidate my 401K retirement plan, taking the big penalty hit? I'm thinking the dollar will soon be worthless, and any money I can put into gold would be better than losing it all.
Asked by AEK - Mon Nov 2 16:38:04 2009 - - 2 Answers - 0 Comments
A. This is not the first recession we've seen in our economy. There are constantly ups and downs with stocks and mutual funds. Not only should you not liquidate your retirement you should probably up your contribution to the plan. Things will rebound and you'll be losing out on a lot of growth potential plus paying the penalties. Unless you are nearing retirement, let it ride. The best investment advice is to buy low and sell high. Why are you even thinking about selling when it's low??? Hang in there!!!
Answered by rayt721 - Mon Nov 2 17:43:59 2009
Q. Should I liquidate my 401K retirement plan, taking the big penalty hit? I'm thinking the dollar will soon be worthless, and any money I can put into gold would be better than losing it all.
Asked by AEK - Mon Nov 2 16:38:04 2009 - - 2 Answers - 0 Comments
A. This is not the first recession we've seen in our economy. There are constantly ups and downs with stocks and mutual funds. Not only should you not liquidate your retirement you should probably up your contribution to the plan. Things will rebound and you'll be losing out on a lot of growth potential plus paying the penalties. Unless you are nearing retirement, let it ride. The best investment advice is to buy low and sell high. Why are you even thinking about selling when it's low??? Hang in there!!!
Answered by rayt721 - Mon Nov 2 17:43:59 2009
information about 401k/retirement?
Q. -What is a 401k plan and what are the advantages/disadvantages? -What is the best way for retirement? (IRA, Roth IRA, CD, Mutual Fund, savings bond, bond funds, life insurance?)
Asked by balooga - Tue May 19 21:15:43 2009 - - 2 Answers - 0 Comments
A. 401K's are like IRA's except you can contribute much more to a 401K tax deferred. In many cases an employer will MATCH your contributions, effectively giving you an instant ROI on your contribution... Life insurance is NOT the way to go... Living within your means and always putting money away in your savings and retirement accounts will let you retire comfortably, especially if you start young...
Answered by Fred_Garvin_Male_Prosecutor - Sat May 23 20:58:53 2009
Q. -What is a 401k plan and what are the advantages/disadvantages? -What is the best way for retirement? (IRA, Roth IRA, CD, Mutual Fund, savings bond, bond funds, life insurance?)
Asked by balooga - Tue May 19 21:15:43 2009 - - 2 Answers - 0 Comments
A. 401K's are like IRA's except you can contribute much more to a 401K tax deferred. In many cases an employer will MATCH your contributions, effectively giving you an instant ROI on your contribution... Life insurance is NOT the way to go... Living within your means and always putting money away in your savings and retirement accounts will let you retire comfortably, especially if you start young...
Answered by Fred_Garvin_Male_Prosecutor - Sat May 23 20:58:53 2009
401k retirement plan ????
Q. some please give me some basic info. on what is a 401k and retirement fund or stuff of that nature?.. i'm 19, trying to figure this stuff out if u can send me to a site that explain these type of stuff that would be great . thx
Asked by sfd - Sun Oct 5 18:39:16 2008 - - 2 Answers - 0 Comments
A.
Answered by Repairmanjack - Sun Oct 5 19:14:41 2008
Q. some please give me some basic info. on what is a 401k and retirement fund or stuff of that nature?.. i'm 19, trying to figure this stuff out if u can send me to a site that explain these type of stuff that would be great . thx
Asked by sfd - Sun Oct 5 18:39:16 2008 - - 2 Answers - 0 Comments
A.
Answered by Repairmanjack - Sun Oct 5 19:14:41 2008
Are 401K retirement plans nothing but a pyramid scheme?
Q. I think 401k plans started in the early 80's, so nobody was taking money out of the plan. Money kept coming in and CEO's were getting paid more and more for outrages profits they were reporting. Fast forward almost 30 years later and people that have been investing in 401k's for the last 15 20 or 30 are getting ready to retire and their money is being frozen or completely gone..seems like millions of Americans trusted 401k companies with their hard earned money and have been completely backstabbed by these greedy investement firms. I do not know of anyone who has retired and is living care-free from their 401k retirement plan. So if no one is gettig a steady paycheck from their retirement plant, what the hell happened to all tha money?… [cont.]
Asked by hexer119 - Fri May 8 18:06:16 2009 - - 4 Answers - 0 Comments
A. You want to attack a pyramid scheme, look at Social Security. At least 401K plans are funded in the investments YOU choose. If you chose a bad investment that fared badly, it was your fault. But you're forced to pay into Social Security to pay current benefits into a scheme which will be bankrupt when you retire and you have no choice in the matter. Now that's a pyramid scheme.
Answered by David M - Fri May 8 18:54:26 2009
Q. I think 401k plans started in the early 80's, so nobody was taking money out of the plan. Money kept coming in and CEO's were getting paid more and more for outrages profits they were reporting. Fast forward almost 30 years later and people that have been investing in 401k's for the last 15 20 or 30 are getting ready to retire and their money is being frozen or completely gone..seems like millions of Americans trusted 401k companies with their hard earned money and have been completely backstabbed by these greedy investement firms. I do not know of anyone who has retired and is living care-free from their 401k retirement plan. So if no one is gettig a steady paycheck from their retirement plant, what the hell happened to all tha money?… [cont.]
Asked by hexer119 - Fri May 8 18:06:16 2009 - - 4 Answers - 0 Comments
A. You want to attack a pyramid scheme, look at Social Security. At least 401K plans are funded in the investments YOU choose. If you chose a bad investment that fared badly, it was your fault. But you're forced to pay into Social Security to pay current benefits into a scheme which will be bankrupt when you retire and you have no choice in the matter. Now that's a pyramid scheme.
Answered by David M - Fri May 8 18:54:26 2009
401k retirement?
Q. i cashed out on my 401 earlier this year.i believe it was roughly 7000 dollars,of which either 20 or 25 percent was held back for taxes.can i file a return on this and get a refund,and if so what would be a rough estimate on what i would get back,married filing seperately forgot to add ,this was the only monet i had coming in this year ,no wages etc
Asked by indianagirl39 - Thu Jan 3 19:32:21 2008 - - 3 Answers - 0 Comments
A. The $7000 will be included in your income for the year. If you file married separate, a lot will depend on how your spouse files (For example, if he itemizes his deductions, you also have to itemize, even if you don't have any deductions; you won't be able to take the standard deduction). Also if you have any qualifying children for the child tax credit will increase your refund. If you are under age 59 1/2, the $7000 will also be subject to a 10% early withdrawl penalty. I would guess if $1400 was withheld, you might expect to get back $600-900. It might be more or it might be less. That is a very rough estimate based on all the other circumstances.
Answered by crazydave - Thu Jan 3 19:46:14 2008
Q. i cashed out on my 401 earlier this year.i believe it was roughly 7000 dollars,of which either 20 or 25 percent was held back for taxes.can i file a return on this and get a refund,and if so what would be a rough estimate on what i would get back,married filing seperately forgot to add ,this was the only monet i had coming in this year ,no wages etc
Asked by indianagirl39 - Thu Jan 3 19:32:21 2008 - - 3 Answers - 0 Comments
A. The $7000 will be included in your income for the year. If you file married separate, a lot will depend on how your spouse files (For example, if he itemizes his deductions, you also have to itemize, even if you don't have any deductions; you won't be able to take the standard deduction). Also if you have any qualifying children for the child tax credit will increase your refund. If you are under age 59 1/2, the $7000 will also be subject to a 10% early withdrawl penalty. I would guess if $1400 was withheld, you might expect to get back $600-900. It might be more or it might be less. That is a very rough estimate based on all the other circumstances.
Answered by crazydave - Thu Jan 3 19:46:14 2008
I'm currently 20 yrs old and im trying to find the best way to invest for my 401k retirement .My company is?
Q. through merrill lynch below are the investments offered below thank you for reading my question and please dont write any mean comments im only young and trying to invest earlier so that when im older i can retire with full satisfaction thanks for your time. investment Type Symbol Price stable value fund stable value fund core FDFXINC $19.52 EQUITY/Stock target 2005 retirement trust core TRT05 $10.44 TARGET 2010 retirement trst ii core TRT10 $10.26 TARGET 2015 retirement trst ii core TRT15 $10.06 TARGET 2020 retirement trst ii core TRT20 $9.81 TARGET 2025 retirement trst ii core TRT25 $9.58 target 2030 retirement trst ii core TRT30 $9.36 TARGET 2035 retirement trst ii core TRT35 $9.19 TARGET 2040 retirement trst ii core… [cont.]
Asked by Missy - Fri Aug 20 04:36:14 2010 - - 3 Answers - 0 Comments
A. The easy solution to get you started is to put 100% in the Target 2050 Fund. It will invest in a mix of stocks and bonds, with more stocks now, but slowly switching over the years to more bonds. If your company matches some or all of your investment, try to save enough to maximize the matching amount. This is a great deal if available. The "self directed brokerage option" is to let you select your own stocks. If you decide to learn more about investing (which I highly recommend), you could switch at some point.
Answered by Jerry - Fri Aug 20 10:16:34 2010
Q. through merrill lynch below are the investments offered below thank you for reading my question and please dont write any mean comments im only young and trying to invest earlier so that when im older i can retire with full satisfaction thanks for your time. investment Type Symbol Price stable value fund stable value fund core FDFXINC $19.52 EQUITY/Stock target 2005 retirement trust core TRT05 $10.44 TARGET 2010 retirement trst ii core TRT10 $10.26 TARGET 2015 retirement trst ii core TRT15 $10.06 TARGET 2020 retirement trst ii core TRT20 $9.81 TARGET 2025 retirement trst ii core TRT25 $9.58 target 2030 retirement trst ii core TRT30 $9.36 TARGET 2035 retirement trst ii core TRT35 $9.19 TARGET 2040 retirement trst ii core… [cont.]
Asked by Missy - Fri Aug 20 04:36:14 2010 - - 3 Answers - 0 Comments
A. The easy solution to get you started is to put 100% in the Target 2050 Fund. It will invest in a mix of stocks and bonds, with more stocks now, but slowly switching over the years to more bonds. If your company matches some or all of your investment, try to save enough to maximize the matching amount. This is a great deal if available. The "self directed brokerage option" is to let you select your own stocks. If you decide to learn more about investing (which I highly recommend), you could switch at some point.
Answered by Jerry - Fri Aug 20 10:16:34 2010
How much money should a 26 year old have in his 401k/retirement portfolio?
Q. How much should I have socked away in a retirement account at 26 to be on the right track? I wanna have around a million dollars when I retire. Perhaps 600,000 to 700,000 will suffice. I only have 5000 saved up right now and I'm in between jobs. I'm thinking about rolling it into an IRA and putting part of it into some safe stocks while I add my own money when I can. Am I on the right track? Thanks. I also have 19,000 in credit card debt but I own my car so I have something to show for it. I have a 2004 VW Jetta in fairly good shape. I also own a condo and probably am at either break even or have a few thousand in equity. My c.c. debt is 0 percent interest so the payment is less than 300 a month. I have great credit and when the interest… [cont.]
Asked by jspech22a - Tue Oct 6 08:19:20 2009 - - 6 Answers - 0 Comments
A. Pay off the cc debt asap. Until you have that monkey off your back it's impossible to get ahead. Little or nothing can outearn the cost of that debt, and that's assuming they don't skyrocket it with penalty rates as high as 40%. They won't necessarily offer you that sweet 0% deal when you are between jobs either. Don't put any money in a 401k unless there is an employer match. If the employer matches the money dollar for dollar or even 50 cents on the dollar that would equal a return of 50% or more, the least you would need to get ahead of the game. Otherwise, you are getting poorer with every dollar you save. Don't liquidate your present investment in the 401 K. Have a direct transfer (no check in your name) to a new plan… [cont.]
Answered by Mary - Tue Oct 6 09:32:08 2009
Q. How much should I have socked away in a retirement account at 26 to be on the right track? I wanna have around a million dollars when I retire. Perhaps 600,000 to 700,000 will suffice. I only have 5000 saved up right now and I'm in between jobs. I'm thinking about rolling it into an IRA and putting part of it into some safe stocks while I add my own money when I can. Am I on the right track? Thanks. I also have 19,000 in credit card debt but I own my car so I have something to show for it. I have a 2004 VW Jetta in fairly good shape. I also own a condo and probably am at either break even or have a few thousand in equity. My c.c. debt is 0 percent interest so the payment is less than 300 a month. I have great credit and when the interest… [cont.]
Asked by jspech22a - Tue Oct 6 08:19:20 2009 - - 6 Answers - 0 Comments
A. Pay off the cc debt asap. Until you have that monkey off your back it's impossible to get ahead. Little or nothing can outearn the cost of that debt, and that's assuming they don't skyrocket it with penalty rates as high as 40%. They won't necessarily offer you that sweet 0% deal when you are between jobs either. Don't put any money in a 401k unless there is an employer match. If the employer matches the money dollar for dollar or even 50 cents on the dollar that would equal a return of 50% or more, the least you would need to get ahead of the game. Otherwise, you are getting poorer with every dollar you save. Don't liquidate your present investment in the 401 K. Have a direct transfer (no check in your name) to a new plan… [cont.]
Answered by Mary - Tue Oct 6 09:32:08 2009
Can i close out my 401k before retirement and i don't want to borrow?
Q. Can i close out my 401k before retirement and i don't want to borrow?
Asked by girlnla@sbcglobal.net - Sat Nov 11 17:48:31 2006 - - 3 Answers - 0 Comments
A. Check with your HR or Benefits department, but generally speaking you can not cash out your 401(k) unles you seperate from service first. The only alternative is a loan, but that could become messy if you wind up leaving before you pay it back. If somehow your plan allows early distributions prior to retirement or seperation of service, then the other answers are correct. If you receive a check directly from the plan, then by law they have to withhold 20% for taxes. The entire distribution will more than likely be taxable (if you have after tax contributions, then you pay no tax on those) and you will be subject to a 10% IRS penalty. If you meet one of the qualifying distribution exceptions for IRAs (first time home purchase, medical… [cont.]
Answered by kazink - Sat Nov 11 19:33:39 2006
Q. Can i close out my 401k before retirement and i don't want to borrow?
Asked by girlnla@sbcglobal.net - Sat Nov 11 17:48:31 2006 - - 3 Answers - 0 Comments
A. Check with your HR or Benefits department, but generally speaking you can not cash out your 401(k) unles you seperate from service first. The only alternative is a loan, but that could become messy if you wind up leaving before you pay it back. If somehow your plan allows early distributions prior to retirement or seperation of service, then the other answers are correct. If you receive a check directly from the plan, then by law they have to withhold 20% for taxes. The entire distribution will more than likely be taxable (if you have after tax contributions, then you pay no tax on those) and you will be subject to a 10% IRS penalty. If you meet one of the qualifying distribution exceptions for IRAs (first time home purchase, medical… [cont.]
Answered by kazink - Sat Nov 11 19:33:39 2006
How does my 401k / retirement account measure up to my peers? I'm 32 with an account balance of $96,000.?
Q. It would be nice if people responded with their age and balance for others to compare and get motivated. My objective is to retire with several million. It would be nice if people responded with their age and balance for others to compare and get motivated. My objective is to retire with several million. Not bragging, just curious and I also would people to think more about their future. I was 21 when I started my retirement making only $7.30/hr. Today, I make $48,000 and contribute 12% after going a few years of only contributing 3%.
Asked by JunkM - Wed Aug 11 17:01:51 2010 - - 4 Answers - 0 Comments
Q. It would be nice if people responded with their age and balance for others to compare and get motivated. My objective is to retire with several million. It would be nice if people responded with their age and balance for others to compare and get motivated. My objective is to retire with several million. Not bragging, just curious and I also would people to think more about their future. I was 21 when I started my retirement making only $7.30/hr. Today, I make $48,000 and contribute 12% after going a few years of only contributing 3%.
Asked by JunkM - Wed Aug 11 17:01:51 2010 - - 4 Answers - 0 Comments
From Yahoo Answer Search: '401k and Retirement'
Fri Sep 10 06:52:39 2010 [ refresh local cache ]
[Hide]▼
insurancenetworking.com
Fri, 06 Aug 2010 04:30:08 GMT+00:00
Space Insurance Networking News (blog) Is your customer brave enough to log into their 401k or IRA accounts to check the balance? While the answer might have been a resounding no a year back, ...
cache3.asset-cache.net
352px x 484px | 39.80kB
[source page]
Download preview image View terms of use
ma-tvideo.france3.fr
Sat, 07 Aug 2010 13:40:31 PDT
video Atlanta Questions You Should Ask about IRA|401k|rollover 401k|Retirement Account - www.learnirabasics.com How would you like to have an ... ma-tvideo.france3.fr.
jutiagroup.com
Money and Markets
ue, 24 Aug 2010 16:04:23 GM
The . 401(k. ) plan is the most ubiquitous . retirement. account in the United States, and for good reason: Any money employees contribute is not counted for income tax purposes. Instead, it's taxed along with investment earnings upon ...
[Hide]▲
