@401kwealthguide2: #401k #work #finance #money #meetup

JLML :

Rule of 55 could avoid penalty.

C Joker77 :

better question is why do i get penalized for taking my own money

Hinesley J. Montgomery :

how can I withdraw my 401k money? 🥺

Angelo :

Do what makes you happy. I did this at 400k bought a beach house.

michellemarie193 :

I’ve borrowed from my 401k but not $250k- just a couple thousand and paid it back through my paycheck- I’ve done it a couple times

unknown618043 :

Rule of 55

Char and Mel 🎀🛍️🫶🏻😛💋 :

Every time I have an emergency I borrow from my 402k

Chris 🇵🇭🇲🇽 :

Not redraw the whole but I did get 3 loans and paid it back while I was still working.

This shouldn't be an issue. :

Yes clear your bills and reinvest in yourself.

A-Aron :

Yup, done it

Martins G :

I have a question I want to transfer my regular 401k to a Roth IRA do I need to pay taxes on that.

elwoody509 :

I’m a bit above a milli😏

El Moco :

Take a loan out instead

Tom :

How

Guiseppa Berlusconi :

Me too

dadkjj :

I cleared mine out it was 45k I lost 15k after everything

me_moretolifethanwork :

If its not a loan, but an acrual withdrawal, Penalty could be as much as 20%, depending on age, plus taxes. Then withdrawing that much will place yiou in a new tax bracket which is about 35% on all income for the year.

Crisper$ :

js19656 :

I have about 897,000 in mine. not touching it,,yet

Billy ballsack :

I have a coworker who did and he payed like 40% in penalties/taxes

Ronnie1971!! :

it’s penalty free just the taxes only

JTC :

No no no!

Rockbrm :

I did…I had $500k in my 401k and took out 180k to pay off my home…told the brokerage to take out 25% for taxes and penalties so I got $135k cash…best decision and feels great to not have a house note, and I can save a lot more now

trey :

what 401k?