ChiefsPlanet - NFT: Pull Money Out Of 457/401K?

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- - NFT: Pull Money Out Of 457/401K? (https://chiefsplanet.com/BB/showthread.php?t=115686)

Quote:

Originally Posted by Amnorix

My MORON brother-in-law withdrew from his 401(k) to buy my sister-in-law her engagement ring. Didn't even know about the horrendous consequences.

Yes. Marriage. :shake:

Quote:

Originally Posted by Amnorix

My understanding is that it would average something like 60%.

Of course, you're also losing tax free investment growth on that money going forward.

Basically, in terms of retirement / long range financial planning, it's about the worst thing possible. Unless you're got a truly dire emergency, don't even think about it.

My MORON brother-in-law withdrew from his 401(k) to buy my sister-in-law her engagement ring. Didn't even know about the horrendous consequences. Idiot... :shake: :shake:

Do they take out the taxes immediatly, or do they come callin around April 15 like other capital gains tax?

There are these guys called "financial advisors", they know this stuff pretty well and could easily answer any of these questions.

(/shameless plug)