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.
posted by bostonhill
on Jun 19, 2013 -
[US banking law filter] So my credit union 'forces' me to deposit checks, payable to me, into a savings deposit account (share deposit account), rather than my checking account. I'm not sure they should be doing this. Lots of gory details inside.... [more inside]
posted by Muirwylde
on May 25, 2012 -
How do taxes work on investments in mutual funds?
I am a novice at investing. American citizen working overseas and building a portfolio finally. I've established my emergency savings and am heading into taxable investments. Unfortunately, I am unable to contribute to my Roth IRA or contribute to a traditional IRA while claiming FEIE (Foreign Earned Income Exemption) with the IRS. I'm looking into investing in Vanguard's VWINX fund. How would US taxes work on these investments?
posted by thatgirl1985
on Dec 9, 2011 -
How to get 401K money back from former employer when you also need good recommendation from them during your job search? [more inside]
posted by anonymous
on Sep 6, 2011 -
What to buy for a 25-year portfolio other than securities and index funds which contain them if there is a large dip or crash next week? [more inside]
posted by anonymous
on Aug 6, 2011 -
What is the best way for an US-based online poker player to obtain proof of their online bankrolls in light of the pending worldwide shutdown of FTP, Stars and AP? [more inside]
posted by Asherah
on Apr 15, 2011 -
I'm building a website for a group of political dissidents in an Asian country. They would like to have a way to accept donations without their government tracking them down. What is the best way to do this? [more inside]
posted by Kraftmatic Adjustable Cheese
on Dec 19, 2010 -
I like Mint.com and I want to use it. My wife, she disagrees. This has caused some consternation. Maybe you can help. [more inside]
posted by kbanas
on Nov 10, 2010 -
I'm buying a used RV for $32,000.00. Help me figure out how to best transfer the funds to the seller, within the limitations below, in a way that is easy and trustable to the seller. [more inside]
posted by Merlin144
on Apr 5, 2010 -
How to wire money from Dubai to California? And more importantly - possible legal implications? [more inside]
posted by gcat
on Feb 10, 2010 -
I have a pretty big tuition bill, even after Stafford and Perkins loans are applied. Can't pay it in cash. Should I take out another loan or take money out of the mutual funds? [more inside]
posted by anonymous
on Jul 1, 2009 -
For investing small amounts every month, is a S&P 500 index fund or a tax-free bond fund more beneficial? [more inside]
posted by stevechemist
on May 13, 2009 -
How can I set myself and my family up to be the next Rothschilds? (In terms of structure of family wealth etc) [more inside]
posted by anonymous
on Apr 23, 2009 -
I have four mutual funds in my IRA account - a Total Market index fund, a Small-cap index fund, an International stock index fund, and a Bond index fund, and I'm trying to figure out how to allocate my assets between them.
I've read a little bit about "Modern Portfolio Theory" and the "Efficient Frontier", but I'm struggling to understand some of the math.
So, is there a simple way I can test whether a particular allocation is on the efficient frontier? Or, see all the possible allocations on the efficient frontier and choose between them? How do I figure this out?
Ideally, I'd love to see a simple enough formula that, given the mean and standard deviation (and maybe correlation matrix), of my four funds, would tell me what allocation is on the efficient frontier. Or, some type of online tool, or an Excel spreadsheet or something. [more inside]
posted by stuehler
on Feb 17, 2009 -
I am looking to self fund starting a business, but I need to seek a small amount of additional capital. Ideally, I would like to do this through friends and family, through a more formalized agreement. So how can I "sell them" a piece of my business without selling them stock? [more inside]
posted by Jonsnews
on Feb 5, 2009 -
I want to diversify my asset portfolio to include Noble/Precious metals commodities (primarily Palladium). I've heard an effective method is via ETCs.
Can someone explain to me what a Exchange Traded Commodity actualy is. [more inside]
posted by complience
on Oct 19, 2008 -
Given today's equity market conditions, when should I change my 401K investment strategy from active to passive? [more inside]
posted by shinybeast
on Sep 24, 2008 -
Aged 65, still working, have 401K, worried about it, can I move the funds to a self directed IRA money market fund?
posted by Freedomboy
on Apr 28, 2008 -
Has anyone noticed banks here in the U.S. pulling shenanigans today? This may be nothing but I want to ask anyway. [more inside]
posted by mr. creosote
on Feb 1, 2008 -
I need help in trying to find hidden assets of my soon to be ex--he has gone to the Caymans, and I had heard that I may be able to trace fund transfers somehow through Homeland Security? Any suggestions of how to proceed?
posted by bettyboop4
on Jan 27, 2008 -
Help me figure out if there's any way to claim a deceased family member's unclaimed property [more inside]
posted by mintchip
on Jan 20, 2008 -
Help me find a 401(k) plan or retirement plan managed through a payroll service that offers index funds. [more inside]
posted by bananafish
on Apr 4, 2007 -
Any experience with unclaimed property in California? I have a very specific question. [more inside]
posted by miriam
on Jan 7, 2007 -
Are there books that explain, in great detail, the systems that clear trades (equities and options) on the markets and shuffle funds among banks in the U.S.? [more inside]
posted by qslack
on Feb 10, 2006 -
I'm a freelance web developer, and I've recently set up a PayPal business-level account to take payment from clients who prefer that method. But I'm growing more and more upset with the fact that it inevitably takes about a week from the day I get the notice of pending payment for the money to actually show up in my PayPal account, and another 4-5 days to get it out and into my bank account. What's the holdup? [more inside]
posted by ubernostrum
on Sep 14, 2005 -
What's the best way to get money out of your bank while traveling overseas? I'll be traveling around the world from Australia next month. I don't like traveler's checks much. How about ATM withdrawals? Any good tricks to get cheap transaction fees and good exchange rates? [more inside]
posted by Dag Maggot
on May 30, 2005 -
I am presently working with a financial advisor to select mutual funds for my retirement plan. He has explained the differences between Class A, B, and C funds to me, and also suggested that Class A is probably the best option. Is he correct? [more inside] [more inside]
posted by ajr
on Dec 30, 2004 -
In California, upon leaving a job, an employer has under most circumstances at most 72 hours to pay the leaving employee their final paycheck or the employer gets fined.
Are there any similar laws which require investment/financial institutions to give the investor their funds within a certain amount of time of the request? (MI) [more inside]
posted by cactus
on Dec 24, 2004 -
What is the best thing to do with a small amount of money, around $5,000? Savings interest is almost a joke, CDs look attractive or maybe even mutual funds. Preferably the safer the better, as in investing it all in a high-risk mutual fund and losing it would make me cry. I've checked out "Investment FAQ
" and it seems as if CDs are the best. I know little about investing but making money doing nothing intrigues me. What would be an expected return on such an investment? Is it even worth locking the money up for something like $10 a month? [more inside]
posted by geoff.
on Mar 3, 2004 -
What is a good, guaranteed
way to send and receive money if you don't have a bank account? [more]
posted by IshmaelGraves
on Jan 17, 2004 -