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As I understand it, I can withdraw at 59 1/2. (With no penalty) So I was thinking of withdrawing soon to buy real estate, gold or put in safe. It doesn't make much in the safe, so I might let it sit. Don't suppose the market will crash untill the Dems get in. (2024?)
Market should be good for another year, despite what the analysts and pundits say. Bull markets don't die of old age...

Check your vesting schedule if you have one, but yes 59 1/2 is the number. You'll have taxes to pay unless you roll it into self directed IRA on another tax advantaged account.
 

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+26% for 2019.

From 06/01/2018 - 12/31/19 it's +13.6%

From 06/01/2017 - 12/31/19 it's +24.5%

The company did some wheeling and dealing in there and they bought our company stock back plus there was a devaluation of that stock in there someplace.
 

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As I understand it, I can withdraw at 59 1/2. (With no penalty) So I was thinking of withdrawing soon to buy real estate, gold or put in safe. It doesn't make much in the safe, so I might let it sit. Don't suppose the market will crash untill the Dems get in. (2024?)
Check with your agent on this.

You will still pay taxes on the amount withdrawn and it has to have a good reason for withdrawal until you get to appropriate retirement age and start making monthly withdrawals. Buying house, paying for college, new kid in the family as withdrawal reasons...buying gold or stashing in a safe probably doesn't.

BTW, theres a new weirdness going on with traditional IRAs starting 2020 compliments of the new and improved tax reduction bill of 2018.

In a nutshell by the time one hits 72 one has to either rolled it into a Roth IRA, be taking out monthly payments (and pay taxes on the withdrawals) per their schedule or face tax penalties. Apparently saving the $ in a traditional IRA and handing it off to kids on death is now unacceptable to the IRS.
 

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Check with your agent on this.

You will still pay taxes on the amount withdrawn and it has to have a good reason for withdrawal until you get to appropriate retirement age and start making monthly withdrawals......
Sort of....

Yes, you pay taxes on your 401k withdrawals; that gets added on to what other annual income you make.

However, you can start to withdraw once you hit 59 1/2 (I was told 59 from Fidelity Investments). I retired at 58, and at 59 1/2 I started making withdrawals, penalty free (but still pay appropriate tax witholdings)....
 

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Sort of....

Yes, you pay taxes on your 401k withdrawals; that gets added on to what other annual income you make.

However, you can start to withdraw once you hit 59 1/2 (I was told 59 from Fidelity Investments). I retired at 58, and at 59 1/2 I started making withdrawals, penalty free (but still pay appropriate tax witholdings)....
Thats what I understood as well (same outfit coincidentally), the key difference was Roth vs. Traditional and the "you pay up front on a Roth and You pay as you withdraw on the traditional". In my case I rolled over traditional and havent withdrawn yet (Im 67, 68 in APR).
 

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Discussion Starter #28
Check with your agent on this.

You will still pay taxes on the amount withdrawn and it has to have a good reason for withdrawal until you get to appropriate retirement age and start making monthly withdrawals. Buying house, paying for college, new kid in the family as withdrawal reasons...buying gold or stashing in a safe probably doesn't.
I know I must pay tax on it, but I'm not working now, so it will be at a low rate.

I thought the "good reason" thing only applied before 59 1/2. After that, you are at a "appropriate" retirement age. Also, I was under the impression I can withdraw any amount or all of it at once. (Not monthly)
 

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Just so I can feel somewhat important... I am Contributing 15% INTO my 401K...
 

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Just so I can feel somewhat important... I am Contributing 15% INTO my 401K...
Max that fucker out if you can. I did it by rolling all my pay raises until it was maxed out. If you never see the extra money, you don't miss it.
Lived frugal, drove a couple of pig TJ's and enjoyed life.
Retired now living the dream....:smokin:
 

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Max that fucker out if you can. I did it by rolling all my pay raises until it was maxed out. If you never see the extra money, you don't miss it.
Lived frugal, drove a couple of pig TJ's and enjoyed life.
Retired now living the dream....:smokin:

Thats just what I did with this years cost of living raise I got. Rolled it right into my 401K. And I thought the max I could contribute was 15% ?? Is it not??
 

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Thats just what I did with this years cost of living raise I got. Rolled it right into my 401K. And I thought the max I could contribute was 15% ?? Is it not??
Max you can contribute is $19k

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Sure hope no one is using this thread for financial advice bunch of wrong shit posted

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Check with your agent on this.

You will still pay taxes on the amount withdrawn and it has to have a good reason for withdrawal until you get to appropriate retirement age and start making monthly withdrawals. Buying house, paying for college, new kid in the family as withdrawal reasons...buying gold or stashing in a safe probably doesn't.

BTW, theres a new weirdness going on with traditional IRAs starting 2020 compliments of the new and improved tax reduction bill of 2018.

In a nutshell by the time one hits 72 one has to either rolled it into a Roth IRA, be taking out monthly payments (and pay taxes on the withdrawals) per their schedule or face tax penalties. Apparently saving the $ in a traditional IRA and handing it off to kids on death is now unacceptable to the IRS.
you talking about SECURE act? If so, that's incorrect. RMD's are pushed back to age 72 and are like 3% of acct value beginning at 72.

sorta correct on the beneficiary IRA accts, all depends if RMDs had begun on the decedent.
 

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Max you can contribute is $19k

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401k's can have other "features" that let you contribute more money, namely profit sharing, new comparability and cash balance plans. I have some clients putting $50K annually into their plans.
 

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401k's can have other "features" that let you contribute more money, namely profit sharing, new comparability and cash balance plans. I have some clients putting $50K annually into their plans.
99% can't do that

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Are you willing to elaborate on that?
Secure act cover a couple up, nothing new on RMDs except it went from 70 to 72

The guy cashing out st 59.5 gotta plan with draws to pay zero tax or low tax bracket, not a giant tax hit.

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