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Related Questions & Answers
6 articles
Cash Out My Retirement?
Asked by A.P. from Los Angeles
on July 22, 2010
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I have 15k in my account and was considering cashing it out and putting it in my savings account. I'm self employed now and cant roll it into anything. I can leave it ...
Answers
- If you do anything roll it into a IRA. You dont pay any pentalties (you loose more than 1/2 if you cash out) and you can access a wider range of investments to help it...
- DONT'T DO IT!!!!!!!!!!!!!! Uncle Sam WILL ROB U BLIND!!!!
- It won't be 15 K when you cash out. You will owe a penalty. I cashed out my 401K when I stopped working (about 8 K), but it was worth it to us since I am a SAHM now.
401K
Asked by K.R. from Houston
on January 14, 2009
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Does anyone know if an employer has the right to keep an employee from taking their money out of a 401K plan? Apparently, these employees are losing alot of money. ...
Answers
- The employer absolutely has to follow the plan documents as well as IRS regs. This document outlines whether or not loans can be made. You should be able to take the...
- You have every right and you should remove your 401k, especially if you are losing money. Most employers recommend you transfer your 401k if going to another company....
- I am sorry to hear about this. I am by no means an expert but I would try 2 things: 1. stop making contributions if possible; and 2. try to transfer from your current...
Question About Financial Investments
Asked by A.!. from Detroit
on August 5, 2011
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What does your family invest in to bring in extra income? What has been your experiences from your investments, the pros and cons? I heard on the radio this morning th...
Answers
- Wish you lived closer...I'd refer you to a trustworthy person here that I am close to :) If you want to do something like this I would strongly suggest consulting a f...
- Equities (that's fancy for stocks) with dividends. Now is the time to buy. People have this horrible strategy of buying when the market is high and selling when the ...
- We leave these questions to a professional who knows how to manage our risk. We are very comfortable with our financial planner making those decisions for us. He kno...
Cashing in My 401K to Pay off Credit Cards
Asked by J.V. from New York
on September 6, 2008
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Hello All, I have about 8K in credit card debt I would like to pay off. I also have 11K in an old 401K from my previous employer. I know the golden rule is not to ...
Answers
- Hi J., You should consult an accountant to be sure. But, I believe you pay all your capital gains taxes up front. I'd also consult an accountant about the best way t...
- DON'T DO IT! Dont cash in your future to pay off the past. You'll be creating more problems. Go to Consumer Credit Counseling Services, of New Jersey or whatever s...
- DO NOT DO IT! You will get hit so hard in taxes and penalties that you will have to take a loan just to pay that! My mom closed out hers at a previous job and she had ...
Considering to Leave from My Husband
Asked by K.P. from Charleston
on July 28, 2009
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I'm considering to leave from my husband someday. I'm not happy with the marriage at all. When I find right time, but I'm not sure where or what to start. If I don't k...
Answers
- Are you sure that is what you want? To leave? With no children it isn't that hard to do. If you are afraid of him for some reason, wait until he goes to work and pack ...
- K., I am not going to judge you or your situation as I am divorced myself now for 10 years. However, I stayed separated a year before I filed. We tried the counse...
- K., if your husband is a good man,than i would tell him that i am not happy with your marriage and would like a divorce. Yes you can be divorce in another state. G...
In Tears and Looking for Support and Encouragement
Asked by A.G. from Atlanta
on November 3, 2008
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I am in the process of going through a divorce and I have an 8 month old daughter. I just feel awful because I never imagined my life to go this way. I am a SAHM and t...
Answers
- I'm so sorry! I cannot even begin to imagine waht your feeling nor what to say to help. Hang in there, be brave!! Do you attend a church or have a mommy group that you...
- Cry all you need too, then get real strong emotional for you and baby, live off your parents as long as it takes, one less stress for now. Keep your enemys close aka e...
- try to remember it`s only temp. i`ve had to deal w/ the same kind of thing & he stopped wanting to have the responsability of having her over night very quickly. ...
