i have $125000 in my 401k. i want to withdraw $30000 to get debt free.

  1. profile image46
    jimmyb62posted 7 years ago

    i have $125000 in my 401k. i want to withdraw $30000 to get debt free.

    after paying penelties and taxes how will this effect me on this year income taxes.

  2. websclubs profile image53
    websclubsposted 7 years ago

    401k.withdraw vs 2011 income taxes:
    The idea, of you paying off all your bills, is a really “smart investment” over the long term... This doesn’t matter trust me. It will all workout in your best interest! It's as good as it gets. What ever it is you want, out of this payoff, investment transaction. It will push you forward, with it saving you both time and money, long-term. Paying off your debt, is a good thing to do. You have an opportunity here, that most people can only dream of doing. So yes, you should go for it!  Yes! it is time for you to enjoy the fruits of your labor. What ever it cost you in dollars, short term. It will be well worth it long-term... Think about it, what are you waiting for? What do you have to loose, vs what you have to gain? Either way it could be all gone, with you left wishing, you had done it your way. The choice is yours, live in the now or not. The idea of you paying off all your bills is a really smart investment, over the long term.
    --
    How to Withdraw Money Early From Your 401K -  Without Paying a Penalty. If you’re looking for a short term answer to your financial difficulties, accessing your retirement funds is probably not the answer.  It often takes months to determine eligibility and process all paperwork. The IRS has set up these rules to discourage accessing retirement funds and for good reason. Unless your reasons for withdrawing funds are due to emergency or extraordinary reasons, it’s rarely a wise financial move to borrow against your retirement finances. If you do need money from your 401K account, then a loan is preferable,  ...Remember, your 401k is meant to provide retirement income, and should be a last-resort source of cash for expenses. The primary benefits of 401k loans is that the proceeds are not subject to taxes or the ten-percent penalty fee except in the event of default and no credit check is required to qualify,  ...The benefit to your retirement account is that you will eventually get this money back in the form of qualified disbursements at or near retirement, and the interest you pay back into your 401k plan is tax-deductible.  (long-term results) http://www.savingtoinvest.com/2009/11/4 … dship.html "represent and opinions only"

    Everything you need to know about dumping your debt and start building wealth.
    http://www.daveramsey.com/
    Life and Money Solutions...
    http://hubpages.com/profile/websclubs

 
working

This website uses cookies

As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

Show Details
Necessary
HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
LoginThis is necessary to sign in to the HubPages Service.
Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
AkismetThis is used to detect comment spam. (Privacy Policy)
HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
Features
Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
MavenThis supports the Maven widget and search functionality. (Privacy Policy)
Marketing
Google AdSenseThis is an ad network. (Privacy Policy)
Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
Index ExchangeThis is an ad network. (Privacy Policy)
SovrnThis is an ad network. (Privacy Policy)
Facebook AdsThis is an ad network. (Privacy Policy)
Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
AppNexusThis is an ad network. (Privacy Policy)
OpenxThis is an ad network. (Privacy Policy)
Rubicon ProjectThis is an ad network. (Privacy Policy)
TripleLiftThis is an ad network. (Privacy Policy)
Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
Statistics
Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)