Cashing Out Your 401k? [Avoid This 30% Penalty]

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Title	:	Cashing Out Your 401k? [Avoid This 30% Penalty]
Lasting	:	10.04
Date of publication	:
Views	:	30 rb

We hope you got a lot out of this video Please note, there may be comments and questions we cannot answer because we cannot and will not offer specific investment advice brbrMAKE SURE TO WATCH:brbr⭐Should I Continue Funding My 401k: youtube/5BuFHyMEdqEbrbr⭐Diversify Your 401k: Maximize Your Portfolio and Protect Your Savings youtube/gMGre1cy7FUbrbr⭐401k Loans: Beware of Double Taxation [Investors BEWARE] youtube/SWf5PDTxa-Ibrbr⭐PROTECT Your 401(k) in a Volatile Market youtube/6lgo_DwwMcg
Comment from : Stop Being Sold® Media

I plan on retiring from my job at 68 years oldbrMy question is, would it be better to take a lump sum payment from my 401k and pay off the 20 tax in one shot instead of paying taxes for several years on the distributions?
Comment from : katanatac

If it’s from an old employer roll it over to IRA and take out tax free ?? Do I have that right
Comment from : MagaGoons77

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them We can get by, but can't seem to get ahead My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for
Comment from : William Ethan

If you get let go from your job , do you still have to pay the penalty?
Comment from : Edgardo Amado

So many of these post try to talk people out of the thing they've come here to learn to dobrSuggestion: Start with the premise that a person is going to cash out their 401k, not that they want you to convince them not to
Comment from : Ask Why

My ex employer said because I was terminated after 3/31/23 plan year end, they can not process my contribution until march 2024 he said they haven't done their evaluations I need that money now And rolled over my 401k from my previous employer before this one Can they do that?
Comment from : Sandy Beebee

I’d be curious if I am over 55 and my company is bought out so now new company owns the old company does that work in my favor if I wanna cash out my 401(k) is that like me leaving my job
Comment from : Nicholas Ackerman

My growth of 401k is 274 in the past 6 months In this environment does investing under a brokerage with a custodian outperform a 401k? should I seek a pro to grow my funds on brokerage acct or still hold? I have 5 years to retirement Happy to discuss
Comment from : Rtd Workaholic

It's recommended to save at least 15 of your income in a 401k You can use online calculators to estimate how much you should save based on your age and income Saving at least 15 of your income in a 401(k) can help ensure that you have enough money to retire comfortably By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time
Comment from : Greggs Berdard L

Im 28 and have about 20k in my 401k from my previous employer Currently I’m unemployed but need access to funds to pay a high interest loan Would SEPP be the best viable option?
Comment from : Gerson Garcia

do you only pay tax on capital gain?
Comment from : L B

A whole bunch of talk to say nothing
Comment from : HYPER CONGA

Thank you for these helpful information
Comment from : Nereo Mac

Welcome to getting screwed in the USA Bottom line no more 401 k
Comment from : Lee Galligan

Im sorry but hardship withdrawals are rarely an exception to the 10 penalty from the IRS on 401k plans
Comment from : Grassisgreenerhere

How many people voluntarily report withdrawals to IRS is the real question
Comment from : jaren Garnett

😂how much tax on 45 thousand if they already took 20 so how much more in April
Comment from : Cheryl Spotted Bear

Honestly I think this whole 401k is just stupid specially when you need it for the times we're in now
Comment from : jinn91

Good video I owe back taxes Yay
Comment from : Eric Lambert

My 401k never made money, ever since I started putting money in it, and I had a moderate conservative portfolio Now I need the money, it lost 30 since I quit contributing with my employer when I switched jobs 3 years ago, now they’re gonna take another 30 You can’t eat stocks folks…
Comment from : Drakeland Willitts

Question: If I work overseas tax-free and have a 401k, how can my employer take 20 in taxes ?
Comment from : Jesse Hernandez

401K designed to rob people
Comment from : Frankie Johnson

I have a 401k, not much in theremaybe $6700 and I am 46 Anyways, I haven't contributed to it for several months and I just wanna close it out and get the money I realize there are taxes and penalties involved for doing so Is doing what I want even possible for me to do? I am still employed with the company I already have enough money deducted from my pay for health insurance No hardships or anything like that Since I am not contributing, the balance slightly goes down from account maintenance fees periodically Honestly I just don't want to participate in it and since I am not contributing, I can't see why I would need to keep the account
Comment from : X-Factor

How can it be legal for a company to deny someone from withdrawing your money from the 401k?
Comment from : Billy Yoder

So lose 30 of your money to withdraw today, or risk losing more in 15 years when taxes are even higher Not to mention what you lose when the banks collapse, the markets collapse, the dollar loses more leverage in the world
Comment from : Billy Yoder

If I own half of my 401k and left my job What about the other half if I want cash out Can I get some of it
Comment from : Mohammed Mahmoud

Hello, I have a question Is it possible for someone aged 56 to withdraw from work/vanguard 401k while still at the job? I have tried talking thru the job but all they offer is hardship loan and my father needs a new car to get to work and they are really making it impossible for him to touch hos own money
Comment from : amazing

All you experts don’t know financial hardship easy said than done If you have high credit card debt , get a loan and payoff your cards off Within 3 years you’ll be debt free, don’t fall for organizations that say they will reduce your debt, it’s a fraud, they want you to default on your credit cards so they can negotiate, when it’s all done you ruined your credit and still need to pay your creditors, so now you still have a big debt and a ruined Credit, what did you gain? Nothing just file for bankruptcy and within 6-10 months you’ll bounce back one thing they are correct don’t touch your 401k I filed bankruptcy 4 years ago and I was able to purchase a home bankruptcy is the way to go You’ll have a fresh start but you can’t screw up, second time around it will not work for you
Comment from : Carmine S…