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Avoid Losing 30% of Your Money with THIS - 401k Withdrawal Penalty - Cashing Out 401k Early

Frames Avoid Losing 30% of Your Money with THIS - 401k Withdrawal Penalty - Cashing Out 401k Early

Description Avoid Losing 30% of Your Money with THIS - 401k Withdrawal Penalty - Cashing Out 401k Early

Comments Avoid Losing 30% of Your Money with THIS - 401k Withdrawal Penalty - Cashing Out 401k Early

Thanks for checking the video out! If you don't mind, comment down below and like the video It REALLY helps with pushing out my channel to other people looking for help (And I will love you for long time) brbrThe Difference Between Roth IRA and 401k Plan - youtube/99zXtCs6WB0 Comment from : Vanilla Breyer - The Scoop on Finances

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money I started investing with $120k and in the first 2 months , my portfolio was reading $274,800 Crazy right!, I decided to reinvest my profit and gets more interesting For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family Comment from : William Ethan

Government took $ 3000000 dollars when I had to make a Canadian currency exchange 😭😭😭😭😭😭😭 so I'm still going to Cash out 😭😭😭 Comment from : Uryan shalom Aleichem

So saying just draw your money out of your 401k pay the penalty and celebrate with cars and hoes 😎 Comment from : James

If you're paying 30 interest on a credit card with a 7,000 balance, how are you winning, even if stocks return their standard 8 yearly? Comment from : Ask Why

This guy is so hot! ❤ Comment from : Bobby Valentino

Is thev30 all that you will owe after a early withdrawal and will all the money you will owe for early withdrawal be taken out of your money before you get it? When doing taxes rolls around , you won't have to pay more money for the early withdrawl? Comment from : Candee Engles

Nice video Comment from : Eric

I had two jobs I've had my current full time job for a quarter of a century 401K stays My 2nd job, which I quit after 7 years, has a nice 401K amount I'm planning to cash out that, not caring about the huge penalties Why not care? Because I have the 401K from my 1st job that has accumulated a nice amount so far Comment from : Joe Beta

WTF did I get myself into 🤦🏾‍♂️so he’s basically saying your paying either way Comment from : What they Say K

I thought it was 10 percent Penalty that what I remember on my last withdrawal Comment from : Joseph Long

I Retired at 68, I closed out my 401 k, taxes were 23 thousand to the fed, now the states wants to tax me on the money I got from my 401 K as income for the year, br which made my income much higher and they want to tax me way higher WTF why save money Comment from : Victor Guerra

???Hardship Withdrawal for College Tuition or House Purchase or Eviction (in some Employers books this would be termination signal to them for someone who is too leveraged and untrustworthy with Finances or Something Important at work too) or something like that is not going to fly by Most Employer Sponsored 401k Rules (call and confirm for yourself and they would require repayment and suppress your ability to make contributions and you will be paying higher Taxes in the End as those money you didn't get a future chance to contribute to 401k will be Taxed! 😅 Comment from : Anna Martino

Nearly impossible to prove disability to anyone, and especially when you cash out on 401k while still working or just have lost a job or switching jobs (means you made not qualified withdrawal and would never win unless court confirming you have such special status) Sadly even major multiple Surgeries don't mean anything to Uncle himself Sadly speaking from my dear Deseased friend experience who was forced to pay Taxes after surgeries and needing money but dying didn't proof anything either for these penalties for unqualified withdrawal just few years before Comment from : Anna Martino

3 of my coworkers died BEFORE THE AGE OF 595 (aged 40, aged 46 and aged 52) I’m almost 43 I need it I’m not waiting And I won’t open another one unless there’s a match It’s Roth IRA ONLY from here on out 🤷🏽‍♀️ Comment from : N Grubbs

The reason many people venture into Trading/Investing (Financial Market), is so that they can get to have a better life, while working and even after retirement invested through bTERESA JENSEN WHITE,/b You can glance her name up on the internet and verify her yourself she has years of financial market experience Comment from : Oleksiy Matviyenko

You will likely need to pay estimated taxes at the time (quarter) the Roth conversion occurs or you may need to pay a penalty when doing taxes next year IRS wants taxes at the time of Roth conversion Comment from : Mind Bender

401 k etc should not be taxed up to a certain point which reasonable not some low cutoffs I see for many things around 20,000 They make these insanely low cutoffs like I'd like to see these a holes live on 20,00] gimme a break Comment from : Simon2018

dude just cut to the chase Comment from : Van B

I tried using it for medical bills but they told me they would need to see the medical bills, can they do that? Comment from : Jr Marley

I'm 39 years old If they already took 30, do I have to pay again to the IRS when doing my taxes the year after, upon receiving the 1099-R? Comment from : coneXionKreativa

Why what why do all of these videos say the same thing ? Here is a word you haven't heard "source" Comment from : Tommy Sevens

I withdrew a lot and paid my loan on 401k that’s because I am earning more this year I have been investing while working at the same time I invested through TERESA JENSEN WHITE, same woman that an anchor ‘jim cramer’ kept mentioning on CNBC, and made multiple of my start up capital within three months She lives here in the USA and she is licensed Comment from : omik andre

Question: if my company matches every dollar, I withdraw early and take the 30 penalty; isn't that still an overall 40 increase? ((100+100)-30)brAn instant 40 increase is definitely a no-brainer even if you have to withdraw? Comment from : Luke Carlson

Wait so is the 20 federal tax withholding taken out at the time of withdrawal? Like you never see the money? Or do you owe it the next year when you file taxes? Comment from : Stacey Brothers

Thanks!! Comment from : Fer du Port

I dont understand the whole divorce thing wtf would tye wife get some of the 401k? Lol if she wasn't the one working why should she get itmakes absolutely no sense My brother inlaw had to pay his sleazy ex that's so insane too me She didn't work for it Comment from : Heather Marie Spiritual Junkie

This is why you do not listen to YouTube for financial advice A hardship from a 401k is not subject to the 10 penalty lol Comment from : Farris28

I'm watching this for the frenchie Comment from : Allan Arango

I wasn't financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly basis via my investment and got 5 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made Great video! Thanks for sharing!brVery inspiring! I love this Comment from : David reus

401K is bullshit! Comment from : Artics

I LOVE how you explained this Clear, funny, and perfect for new timers Comment from : No Comment

so 30 total you don't get if you cash out everything? how about income tax? Comment from : J M

Lol 😂 this video means buisness but that throw off the bag was funny Comment from : 2022 it’s Happening

Thank you so much for helping me to recover my money back from all this fraud and scam you're the Best out here #Splinthack Comment from : Thomas Allen

All thanks to #Splinthack who helped me to recover my money back he’s the best out here Comment from : Roberto Arnold

I lost my job 4 months ago and depleted my savings in paying mortgage and bills Should I take out a withdrawal to pay my bills until I find another job? I am 60 Comment from : Sherri Baker

Its insane that you can not get all of your money Scam Comment from : My2Cents SmerzOne

The 401k is a scam It enriches investment advisors (who take fees whether they perform well, or poorly), and it enriches the IRS brbrThe stock market did well for the last several years But the dollar is on the brink of collapse Washington's government has f**ked us good and hard by inflating the currency supply (80 of the money in circulation was borrowed into existence since 01/01/2020), so "losing" 10 is nothing compared to what is coming brbrAnd taxes??? ROFLMAO you think taxes are high now? As Karen Carpenter sang "we've only just begun" Someone has to pay the note that the federal reserve corporation is holding, and once the conversion to CBDC takes place, that "prior lien" claimed by government on the fruits of your labor (slavery by any other name, smells just as sh*tty), will make financial privacy a thing of the past brbrSo, let's play by the rules, crouch down and lick the hand of those who tell us that warmth we feel running down our back is rain Whatever you do, don't investigate the impending hyperinflation, and NEVER think about getting out of the banking system, and preserving as much of your wealth as possible in hard assets like Gold and Silver brbrEnough of this freethinking nonsense! Get back in line with all the other ants Comment from : Ron Jones

be aware the 10 penalty avoidance ONLY applies to the first $10k, NOT the fully amount, you WILL be charged the 10 penalty after that first $10k even with a qualifying hardship withdraw Comment from : Jeremy Luebker

We also don't know the future Great advice Vanilla Breyer! My emergency will have to waitonly because my personal "emergency" CAN waitespecially since we have to wait ten days anyway :) Comment from : Carlos Ortiz

What an evil system, terrible "the american dream lol" Comment from : Svetlana

If the market drops 50 (it will) you profit form pulling it out and can buy some hookers and blow instead Comment from : gonrico

I wanna leave my job I'm only 42 Comment from : Justin boatman

great invested in pay pal after made back all money ++++ sold at $296 Comment from : kevin gagnier

401k suck Comment from : Big Hoss

How do you get your money out if you don't have an actual provable hardship? We want/need to put a large addition on our house and can't really afford a loan Is there a way? Comment from : Christine McCormick

but you will have to pay the taxes even if the money is taken after 59 1/2 years old So in that case it is only the 10 percent that your penalized Comment from : s w

What about state taxes? Comment from : Alexa JOY

I have seen so many videos and I get confused even more, I wanna brstart my retirement plan and I clearly do not know how to brgo about it I heard of Roth IRA but I need to know brmore Any good advice/ideas will be great Comment from : Kelly Kells

when i pull my money(my money) out of my 401k and ill get fucked by taxes but big boss man wont use my money to gamble with Comment from : devon james

30 might be the minimum depending on the state Mine is closer to 40 Comment from : PleaseDoNotLOL

One thing I haven’t seen answered is why exactly the IRS taxes you an additional 10 percent for early withdrawal if your already paying taxes on it Why the fuck do they care? Just ripping us off even more!! Comment from : The Archaia

I am 58 and a half Comment from : EZ-Driver

I've been forced to retire and need money from 401k to pay off my car and other bills! Comment from : Dorothy Murray

The little known 55 yr old exemption is a game changer Comment from : Robert Lewis

Thanks for this video and also thanks to those who recommended Suzanne Stephens Ellis for her good works You all have to know that making money digitally is the main key to survival now Comment from : George M Clark

I am 56 yo and moving back to my home country I want to withdraw my whole 401 k and put those money into a property back home can I do that, and can I avoid the penalty? I understand I have to pay the taxes no matterand thats fine Comment from : Fred André Meyer-Møinichen

On gains not the whole amount Comment from : Deuante Kelly

pull all my 401k and put it on crypto? lol Comment from : Juan Diaz

Thank you! Honestly it’s not as bad as I thought I want to retire early, and am looking for homes overseas Well, you basically can’t get a loan anywhere So my only option if I was to buy a house is take out my 401k They way you explained it has me less stressed I can live with the penalties, and still have 200 g left over to grow till I’m 65 The only thing stopping me is my projection… I would be throwing away literally millions if I took it out this early… but that’s the price to pay if I want to live “easy” now I honesty make enough with my rental coming in,, plus at 65 what am I going to do with milk ones of dollars? I’m not trying to be cynical I legit was thinking that is way too much money, and will I even enjoy it at that age? Decisions, Decisions … Sorry if I’m coming off smug I don’t take this lightly I just have a habit of blabbering Thank you again Comment from : Food4thought

i think you hit on every possible way to get money out, most of the ways are not penalty free you didn't pay taxes going in , you are going to pay taxes going out i have a large 401k balance, i've been saving for over 25 years i'm going to suck it out slowly as to pay the lease taxes by the way i'm 55 and still employed for now i don't want that shot, so i might be out of a job soon Comment from : doug m

Hey, great video, but I have a quick FIRE related questionbrbrIf I'm interested in taking out 4 of my 401K on a yearly basis will I be qualified for a tax penalty exemption? Comment from : VideoHamster

We have to do this with the vax mandate Comment from : Bryan Ingalls

Can you withdraw if your 54 and retired without the penalty,age 55 penalty free ? Like to purchace a home need more cash Comment from : j j 2021

Great video This guys living room is bigger than my whole house! Comment from : darkmanx2g

Can I cash out my 401k if im 62 and still work for the company? Comment from : train 59

Mannnn, I’ve been investing and doing trades I’ve been really successful this year…flipping 5k to 50k within a few months Comment from : Damxn

Whatever i will just pay the 30 Thanks You never know how long you will live so just take your money and invest it Comment from : AJC SPORTS

Going to be a lot of this going on with companies requiring vaccines Comment from : Chris Matthews

my 401k is $23,000 if I choose to give 30 to taxes and they deduct $8000 which I will only receive $15000 now with that 30 already taken to tax My question is will I still have to pay income tax ? Comment from : Tong Lee

im 31 with how our world is going I don't think I'll be around in 30 years lol Comment from : hahtsauce

I am considering withdrawing my 401k because I am starting an RN program in a few days I already left my full-time job and only have a couple grand in my Fidelity 401k RN school is pretty pricey with the books, uniforms, stethoscopes, etc I'm 25 and all of my coworkers that are older recommend I pull my 401k out now because its so little and I will most likely make it all back once i'm a Registered Nurse What route should I take to avoid as many penalties? Comment from : Proxy

I ain't going to be alive at 595, either I take it out now or neverbrOf course I haven't contributed much to it anyway Comment from : Rinyotsu

I believe the 55 Year old IRS rule applies, if you resign or let go during that calendar year you turn 55 you should not pay the penalty, is this correct? Comment from : Christopher Harrington

That house is pimp af Comment from : HintofLime TostitoChip

Best video/info I've come across so far Comment from : Zach Grant

I’m 23 about to leave my job ( not getting the vaccine ) so I got 3 months rent paid and want to access my 401k through fidelity so I can get a car so I can find a better job is there any easy way to access money fast ? Comment from : Mikaj Weaver

Sosay I'm the sole provider for my wife and two son's and I'm fired from the well paying job I've had for over 13 years because I refuse to take the vacksheenbut I have mortgage and bills and mouths to feed Would I be able to take a hardship withdrawal ? Comment from : Johnny C

This Comment from : Beautiful Anomaly

I’m 26, leaving my job and moving to a new city If I need that money (about $8,500 in my 401k account right now) to help boost my savings and afford things, is it a good idea to pull it out of the 401k or roll into the Roth account now first?? Comment from : Brad Williams

we are having a baby soon, to qualify to avoid the 10 fee do I have to withdraw once the baby is born or can I withdraw prior to? I know it is ill advised to withdraw at all but I'm pretty set on doing this for several reasons the 20 comes off the top, if I qualify to be exempt for the 10 will the 20 be the only taxes taken out? I'm not talking about a huge amount only planning on taking $6500 thanks! Comment from : Ryan Frailey

Cashing out your 401k isn't all that bad Is there a 10 penalty? Yes, but consider this Most employers will match up to a certain percentage of your income that goes into your 401k So let's say you contribute 5 and your employer contributes 3 This means that 3/8, or 375 of the money that's in your 401k isn't even money that you contributed It's more than the 10 penalty that you're going to have to pay Simply consider the 10 penalty paid for by your employer Comment from : Terry1212

also, this video compelled me to subscribe simple and direct Very informative Perfect Comment from : Boss Bear

Does anyone know if the CARES act has been extended?Can 401k be cashed out without penalty still? Comment from : Boss Bear

Can i cash my 401k while still employed with the same company? I know i bout the 30 percent Comment from : Al

I called to cashout and they told me I couldn’t because I still work at the company Comment from : The Gooch

Most comprehensive video about 401k I have watched 😉 Comment from : Myas Wheelstaurant LLC

This sucked, how about some information that I didn’t know about 👎🏼 Comment from : Vero G

Does Breast Reduction Count As “Medical Bills” ? @vanillaBreyer Comment from : HunnyBunns

Your videos are crystal clear What camera are you using Great lighting Comment from : Zeb Shazad

I’m only 22, my job matches 50 for up to 6 of my earnings, wish me luck! Comment from : Adrian O

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