Hey everyone, I read some other threads in regards to 401k but it seems like the audience is divided.
My recent company (industry giant who laid off 8000 employees and gave our jobs to folks in India) has laid me off and I need to cash out my 401k. I am wondering who has experience with this as of the past year or two? I live in Mass so Fidelity says I will have to take out 20% out of my total sum for taxes but they didn't say anything about a penalty. My amount is less than $11,000 and I want to use some of it to start my own agency.
Has anyone cashed out their 401k and if so, was there a penalty?
PS. Please spare me the 'noo dont cash out, its a bad idea' -- I'm knee deep in $115k for student loans and my life could not get worse and more complicated so I'm confident cashing this crap out is my only way out to some sanity and inner peace.
Thanks!
posted by bostonhill
on Jun 19, 2013 -
10 answers
I never had any money. Now I have $600,000. Help me not squander it (and maybe even beat inflation).
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posted by anonymous
on Jun 17, 2013 -
26 answers
As we discuss our future together, and with other big changes afoot/underway, my boyfriend and I would like to see financial advice about some specific questions/scenarios but I'm not sure what kind of advisor we should be seeking out.
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posted by marylynn
on Jun 8, 2013 -
3 answers
Long-time couple finally getting married, and we think we might want a prenuptial agreement. What should we know about the practical aspects of creating and adhering to a premarital agreement? Same-sex couple in Massachusetts, more snowflakes inside.
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posted by anonymous
on Jun 4, 2013 -
14 answers
I keep buying things that I cannot afford, which forced me to dip into savings over and over again. I have a credit card balance that I cannot pay off this month, which has never happened to me before in my life. I'm feeling helpless, and I am angry at myself for letting this happen. I haven't quite reached paycheck to paycheck status (I am about 1 month ahead), but if I continue like this, my cushion will be gone completely. I don't know what is wrong with me or why I keep doing this - or why it has gotten so much worse. I had always thought that I was pretty good with money while living with my parents; after moving out, either i have gotten much worse or having few expenses masked the problem. I will take any advice or suggestions.
posted by aka_anon
on Jun 1, 2013 -
23 answers
I don't have a lot of debt or expenses, so my income keeps piling up in my checking account. Unfortunately, I don't know much about finance or investment. I want to make sure that I don't lose money year over year because of inflation, but pretty much all the CDs and savings accounts I've seen have an APY lower than the inflation rate (which is >= 1.5% according to various websites). I don't care about playing the stock market; all I want is to avoid losing my money through inaction. How do people in this situation keep up with inflation while at the same time minimizing their financial risk?
posted by archagon
on May 16, 2013 -
15 answers
Struggling to find work, young, recent grad. I have a mutual fund and need help breaking it down. Can I live off of it? Should I? What do I do with a mutual fund??
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posted by anonymous
on May 10, 2013 -
13 answers
A barrage of bad news has come down the parental pike. I'm dealing fine but I think my parents--my mom, in particular--are in denial about their situation. Help me figure out the politest course of action to do something about it?
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posted by Kitteh
on May 2, 2013 -
13 answers
I've saved up about $80,000 over the past few years, with no debts, loans, or mortgages. It's always been my dream to travel the world, and I've been planning to take my money and run off for the next few years, hopefully figuring out how to run an independent software business in the process. However, I don't know much about investing, and for all I know there might be a better use of my savings right around the corner. (Two questions about investing inside.)
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posted by anonymous
on Apr 29, 2013 -
20 answers
My partner and I have an income disparity. We try to split costs 50/50. However, I now have the option to insure her as a dependent, but she can't afford to pay her half of the premium.
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posted by anonymous
on Apr 18, 2013 -
41 answers
Do I need a (fee-based) financial planner, advisor, or tax accountant? Recommendations for one in San Francisco?
I'm almost 30, almost debt-free, and feeling out of my depth as I try to figure out what to do about non-retirement savings.
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posted by polexa
on Apr 16, 2013 -
5 answers
I am an independent contractor. I did not pay taxes for 2011. I cannot afford to pay my taxes for 2012. I am scared.
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posted by anonymous
on Apr 11, 2013 -
22 answers
My main squeeze is moving in! Our finances are starting to be a little more comingled and I'm looking for the best, healthiest way to start having a regular "money check-in" as part of our new life together. He is on board with this. How do we structure the conversation? Is there a sample agenda? Do we make it a date night? Help, please.
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posted by amoeba
on Mar 26, 2013 -
12 answers
I'll be shooting a feature film in L.A. later this year, and I need some advice about how to handle the business side. I'm hoping that somewhere there's some sort of low-budget service that provides help to people who are new to the process.
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posted by drjimmy11
on Mar 21, 2013 -
4 answers
My SO and I are in a delicate and precarious financial & marital state and from my perspective he's actively fucking things up for us all. What can I do to get us on the right track?
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posted by anonymous
on Mar 12, 2013 -
65 answers
I am worried about my parents, both of whom make a decent living, but are overwhelmed by debt. I cannot help them financially (and neither can my siblings, really), but I am looking for suggestions as to what direction to point them to be able to help themselves.
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posted by aka_anon
on Feb 23, 2013 -
16 answers
My parents are now asking my sister's new live-in boyfriend to pay rent while he lives in her house, which they co-own and are paying the mortgage on. Is this right?
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posted by Auden
on Feb 18, 2013 -
53 answers
Hello, I am a divorced single-mother and US Army National Guard veteran. I am currently living in a bad situation and need to move away from it.
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posted by anonymous
on Feb 12, 2013 -
20 answers
My loans were recently transferred from Direct Loans (the government) to a private servicer (VSAC). I am almost sure that someone somewhere made an error, because my new bills are blowing my mind. I was silly enough to throw away my old payment receipts. Who do I call to get my old records of payments and to make sure the new people aren't messing up my account?
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posted by mermily
on Feb 4, 2013 -
9 answers
I'd like to have a professional guide my new husband and I through filing taxes jointly, investing and saving for future goals, and so forth. How on earth do I find a financial planner to help us get started?
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posted by The Biggest Dreamer
on Jan 21, 2013 -
4 answers
So I'm looking to move from SF to Seattle (in part to save money) - can I get a loan and buy a place? Would that make sense?
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posted by alaijmw
on Jan 7, 2013 -
13 answers
Can you recommend a financial planner in DC? Also. Um. How does that work? Newlywed financial noob questions inside.
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posted by fontophilic
on Dec 26, 2012 -
6 answers
My girlfriend has as long as I have known her, struggled with money problems. As a thoughtful and incredibly unromantic gift, I am getting her a meeting with a fee-only financial planner for her birthday.
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posted by punch_the_mayor
on Dec 19, 2012 -
28 answers
Have you ever lived in a different state from your spouse and still had everything held jointly? How did you handle questions of residency, normally mundane paperwork like insurance, and keeping everything organized? Full details within.
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posted by fireoyster
on Dec 12, 2012 -
4 answers
Help me and my husband and I get our finances under control. We are tired of living paycheque to paycheque and sometimes going over budget with impulse buys and restaurant food. We need to choose a method that works for couples whose income is not always steady, and maybe some software beyond Excel. More snowflake details inside.
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posted by fullerenedream
on Dec 9, 2012 -
16 answers
Do you work in college admissions? Have you successfully navigated paying for college education? Are you an adult? I could use your advice on how to pay for my education, or advice to just give up.
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posted by FirstMateKate
on Dec 5, 2012 -
27 answers
How do mortgage lenders take into account student loans when calculating whether and how much to lend? Special details inside...
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posted by percor
on Nov 20, 2012 -
6 answers
I've been thinking about asking my mother to move in with, or closer to, me and my wife (and maybe future baby). I'd love to hear your thoughts, and any guidance you can give to make it a good experience for everyone. Lots of specific questions inside, but any anecdotes are very welcome.
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posted by 5845(f)(1)(D)
on Oct 9, 2012 -
11 answers
I recently found myself in the middle class with none of the financial acumen needed to handle money on this scale. To be specific, my most complicated financial transaction to date has been handing someone two hundred dollars in cash and riding off on his bike. I'd like to talk to someone knowledgeable about money about my financial goals and be told my options for achieving those goals. Do you know such a person in New York City or the nearby suburbs? The two specific goals I have in mind right now are saving for retirement and paying off a bunch of debts. A possible complication is that all of the debt is in my parents' name, so it might be nontrivial to structure the repayment so that, from a tax perspective, it doesn't look like I've just started giving my parents lots of money every year. Also, it would be better, though not strictly necessary, if this person could speak Chinese to my parents.
posted by anonymous
on Sep 19, 2012 -
11 answers
Moving to a better school zone. Should I do it? Tough decisions concerning moving, staying put, and financial future.
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posted by anonymous
on Aug 25, 2012 -
19 answers
I'm a 20 year old college student and I was recently cut off from my parents. I have literally NOTHING -- no health and car insurance, no money, no extra clothes other than the ones I ran away wearing, no car, no phone, and etc. Please help me get my life back together!
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posted by squirtle
on Aug 16, 2012 -
40 answers
So, my inlaws are visiting, I'm not sure how to iron the details out with my SO. We have very different ideas about how this should transpire. I am also having trouble dealing with the culture of their family I'm trying to be as short as possible. Thanks.
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posted by ibakecake
on Aug 6, 2012 -
41 answers
Saving for retirement - the advice and calculators out there are too complicated and I constantly question my assumptions. Is there a good rule of thumb to use until I visit an advisor?
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posted by Tehhund
on Aug 3, 2012 -
17 answers
My friend's and his ex are divorcing. The ex is being financially irresponsible, which could be influencing the outcome of the settlement. The lawyer has suddenly dropped of the face of the earth. What can my friend do to find out what's going on?
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posted by chatelaine
on Jul 25, 2012 -
18 answers
21 year old with what seems like a spending addiction and terrible financial habits. Please help me figure out how to spend my money properly. I don't want to live like this anymore, struggling from paycheck to paycheck.
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posted by anonymous
on Jul 19, 2012 -
31 answers
I'm in debt, behind, and can't afford the minimum payments. I freelance and haven't made enough money to cover expenses for a good while now. Although some recent changes to the way I do business have had a positive impact, I'm still not making enough to pay for said debt on top of my regular expenses, let alone catch up. I'm returning to school soon for a two-year degree that, by all available information, should ultimately lead to a good middle-class income. But until it does, what do I do? Who do I talk to? Do I have options?
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posted by anonymous
on Jul 11, 2012 -
14 answers
My '03 Hyundai Accent has serious mechanical issues. I'm working poor. Would it be wiser to see if it's worth it to shell out for repairs or immediately pass her on and do without a car until I can get a replacement (that might not be much better)?
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posted by batmonkey
on Jul 10, 2012 -
12 answers
My house sold earlier this month. I am not buying a new house right away, but... maybe? How long can I wait? How will this affect taxes? And if I could buy property, should I in order to avoid penalties (if there are any)? You are not my lawyer or my accountant, but way more details with a little bit of drama after the jump.
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posted by aabbbiee
on Jun 28, 2012 -
10 answers
