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Any financial experts here?

4junk3000
5285 posts Member
Just wondering if we have a financial guru or even an investment hobbyist here. I don't know anyone good with money and just have some questions about what I'm about to do, which is cash out a 401k.

I know I'll be hit with some penalties and fees and I'm trying to keep the pain to a minimum. I'm considering a Roth, an IRA, or just an online savings.
"You're the most negative person I've ever seen on here. Constantly."

Replies

  • Why are you cashing out your 401k? Fees?
  • Call your local Bar Association to find an attorney in your city. The legal kind not the beer kind, DOH! Explain your situation or what you need done. They will give you the name of several lawyers that deal in finance. Your bank or credit union would be able to give you advice also.😉
  • 4junk3000
    5285 posts Member
    Why are you cashing out your 401k? Fees?

    I need money. Surgery last year and still not back to work, my savings is empty. Last resorts...

    "You're the most negative person I've ever seen on here. Constantly."
  • OK after researching I will be moving the 401 to an IRA then taking a withdrawal that's just under the standard deduction. I'll put that in an online savings so I have access. This seems to be the path of minimum fees and max earning potential but will cost me $1200 to do it. Oh well
    "You're the most negative person I've ever seen on here. Constantly."
  • 4junk3000 wrote: »
    OK after researching I will be moving the 401 to an IRA then taking a withdrawal that's just under the standard deduction. I'll put that in an online savings so I have access. This seems to be the path of minimum fees and max earning potential but will cost me $1200 to do it. Oh well

    Ouch. You sure there isnt a better (read: cheaper) option? It just seems like a lot...
    I do not accept unsolicited friend requests! PM me and say hi first.
  • 4junk3000
    5285 posts Member
    It's a huge penalty, created to deter exactly what I'm doing.

    But i am between a rock and a hard place, and it's taken me about a year to come to terms with taking this loss to try to give me resources to get back on my feet. I don't have any other options that seem feasible, and I've waited long enough for a miracle to present itself and it hasn't. This is the best i can do working with my limited options.

    It sucks. I'm trying to make the best of it. And i still don't expect to be successful at that. But i am trying, which is all I've ever been able to do.
    latest?cb=20180528225022
    "You're the most negative person I've ever seen on here. Constantly."
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