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