dear QBN retirement dept.,
dear QBN retirement dept.,
Out of context: Reply #11
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- bulletfactory0
^ the penalties are almost cost prohibitive - at least 10% off the top for early withdrawal, plus the tax burden.
https://www.wellsfargo.com/inves…
I was looking into cashing out a traditional IRA early for a downpayment on an apartment, but just couldn't justify it.
Roll the 401k into a traditional IRA, or a Roth IRA if you can afford to pay the taxes on the amount immediately. Roth is invested after-tax, so there are no taxes for withdrawal (unless you withdrawal early).