|HubPages Device ID||This is used to identify particular browsers or devices when the access the service, and is used for security reasons.|
|Login||This is necessary to sign in to the HubPages Service.|
|HubPages Traffic Pixel||This 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.|
|Remarketing Pixels||We 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 Pixels||We may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisements has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.|
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.
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.
Life and Money Solutions...
by GA Anderson6 years ago
How is a "Roth" retirement account different from a regular 401k account?
by countrywomen9 years ago
We were just following the news recently where Jon Stewart accused Jim Kramer (and others in the media) for there part in the 401k losses. Both myself and to a great extent my husband's 401k was lost. Recently...
by Jtdfree5 years ago
The IRA / 401K / 403b scam of course!! Corporate America and politicians in the pocket of Corporate America stole the reasonable, comfortable retirement pensions that many enjoyed and replaced it with "the...
by Linda Liebrand6 years ago
How do you plan for retirement?
Copyright © 2018 HubPages Inc. and respective owners.
Other product and company names shown may be trademarks of their respective owners.
HubPages® is a registered Service Mark of HubPages, Inc.
HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.