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Discussion Starter · #1 ·
Ok, been thinking really hard lately, and believe me I'm not trying to brag, just hear some other opinions about my 401k.
I have been saving alot of my check, with company matching some of it for quite awhile now, Im 39 years old. I have about 53k. in my 401k. I slowed my investments down a lot this year, and am seriously considering just pulling it out. All of it. i would loose alot to taxes, so Im thinking I would bring home about 36k. After all, what the hell good is money, to me its the future, but what if some serious shit happened, and the Govt said "what 401k?".
 

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Talk to a financial planner. If you are willing to take that kind of hit, then take time to seek the advice of your accountant or a certified financial planner. I got into some tax-free school bonds and I'm happier than a pig in sh*t. Don't give uncle sugar jack squat. Look into Roth IRA's more importantly, talk to a financial planner. You've don't pretty good so far, don't booger it up now. Good luck to you and God Bless.

punch
 

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No one knows exactly what the future holds. I still keep my 401 going up to the company match. Just another base covered. I may be wrong but at 39 wouldn't you have to quit your job to take it out.
But like Punch said talk to a finical planner before you do anything.
 

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Discussion Starter · #4 ·
not sure about the quiting the job, i have never quit a job since i was 13, without having a solid secure backup job, except Burgerking, when the pants were to tight on my balls, and I complained, they were like "all we got", soI ate a halfprice burger and walked out.
I am very seriously thinking of changing the scenery, to Alb. and it would involve a new job. havent had time to do anything more than look around on the net, and start compiling a resume.
As for advisor for finances, I havent looked yet.
I will try this week to find one, but man this nights shift is for the birds. You cant do alot of bussiness hours stuff without seriously messing up your sleep pattern.
 

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Discussion Starter · #5 ·
thanks guys, you both seem like real straitshooters.
 

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you can withdraw your money but you will pay a steep penalty and all taxes due on your pre tax contributions. I'm in the same boat as you and have been wondering the same thing. same age, a little bit more socked away in the 401k and lately wondering will it still be there when / if I get to retire. I hate to cut off that potential future revenue stream in case things don't head in the direction the doom and gloomers say. There is no easy answer here, I'm afraid. Just gonna have to mull all the potential outcomes and scenerio it.
 

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I don't know what the penalties are on a 401k. On an IRA it can cost you as much as 20% penalty and income taxes - it is feasible depending on your income to lose well over 40 or even 50% on an IRA.

Still my lame attempt at advise for you would be to research a self directed IRA. My info tells me you can roll your 401k over into such an IRA and still continue with the 401k - taking advantage of what
matching the company gives you. I would keep doing all of that you can. Look at this example: Say you put $3,000 into your 401k. Your cost isn't $3,000. It is probably much closer to $2,250 with
taxes what they are. You are spending $2,250. Now if your employer matches dollar for dollar you spend $2,250 and get $6,000 - My GOD people - do that to the max. Now if you created a self directed
IRA I believe you could roll over some of that money each year (vested sums are yours and what the company allows with no strings). Meaning you simply have it transferred to an IRA. Most IRA
contribution holders will enable that for you with simple forms. Even those who do self directed IRA's. With $40k you could buy land, a rental home (if you have good credit use it as a down payment
and let the mortgage be paid for by rent). All within in IRA.
 

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Don't listen to O Swegoscott. He is a douche bag (specifically hog piss and vinegar, by his own admission)who lives to read everything I write and can't help himself but to launch attacks on my posts as you can see. He himself took large losses because he acted with seeking advise or counsel from a professional. Remember, Experience is what you get when you act without seeking sound advice. Advice is what you get when you ask someone without any experience. We don't know all the details of your retirement package. Years ago when I was a 9 to 5'er I went to H.R. to make changes to increase my 401K contribution. The lady set up a free consultation with an American Express financial planner at no charge. Turns out it was a complimentary perk that very few employees took advantage of. I was lacking in my knowledge of finance and retirement but it was one of the best meetings I ever attended. And she was purdy too. My advice won't cost you a dime. Listen to dipsh*t up there and you take a hit that may take years to erase. Plus even a financial planners time is worth something. being certified means you can sue them if they screw up. Say like flipping houses, I can flip a house and not disclose problems(not that I would), but a realtor with a license has to disclose, plus you can sue his butt. Alway err on the conservative, please talk to a pro.

punch
 

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Don't listen to O Swegoscott. He is a douche bag (specifically hog piss and vinegar, by his own admission)who lives to read everything I write and can't help himself but to launch attacks on my posts as you can see. He himself took large losses because he acted with seeking advise or counsel from a professional. Remember, Experience is what you get when you act without seeking sound advice. Advice is what you get when you ask someone without any experience. We don't know all the details of your retirement package. Years ago when I was a 9 to 5'er I went to H.R. to make changes to increase my 401K contribution. The lady set up a free consultation with an American Express financial planner at no charge. Turns out it was a complimentary perk that very few employees took advantage of. I was lacking in my knowledge of finance and retirement but it was one of the best meetings I ever attended. And she was purdy too. My advice won't cost you a dime. Listen to dipsh*t up there and you take a hit that may take years to erase. Plus even a financial planners time is worth something. being certified means you can sue them if they screw up. Say like flipping houses, I can flip a house and not disclose problems(not that I would), but a realtor with a license has to disclose, plus you can sue his butt. Alway err on the conservative, please talk to a pro.

punch
Always good advise from you Punch! Glad your here!
 

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Always good advise from you Punch! Glad your here!
Thanks but actually it was his verbal attacks on you sir that initially rubbed me the wrong way. You don't need me to defend you MG but to sit and do nothing is silent approval. And everyone knows I have tourettes so might as well use my powers for good and not evil. It seems the troll hangs on my every word. I'm getting busy again, so I'll be spending less time here but "O" lives in here. He's racked up almost 1000 post in less than 4 weeks.

punch
 

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Keep in mind that financial experts rarely believe the system is unsustainable and will fail. So asking what should I do with my 401k will likely keep you invested in the system.
I cashed out my 401k last year and invested in tangibles, i am going to pay the taxes on it this year so I'm relaying my personal experience. My convictions are the system is going to fail but before it does the Feds will take over all retirement accounts. I either case I felt I was more capable of investing my retirement than they.
IMO put the money into silver and you will not only avoid the crash that is coming but make a healthy gain. I found eBay a great source for junk silver (don't buy AU or BU coins as they can be fake) or look at Silver Bear Cafe for bullion at a fair price.
 
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Thanks but actually it was his verbal attacks on you sir that initially rubbed me the wrong way. You don't need me to defend you MG but to sit and do nothing is silent approval. And everyone knows I have tourettes so might as well use my powers for good and not evil. It seems the troll hangs on my every word. I'm getting busy again, so I'll be spending less time here but "O" lives in here. He's racked up almost 1000 post in less than 4 weeks.

punch
It's all good. I don't think he attacks me and I think we have come to mutual respect in our verbal judo. I always enjoy hearing from you Punch because you have quick whit and intelligence.
 
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