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Cashing out a 401k to buy a house

submitted by JillBidensTaint to AskUpgoat 3.1 yearsMar 29, 2021 14:10:11 ago (+4/-0)     (AskUpgoat)

I have a 401k from my last employer who went out of business during corona. There is about 20k in their. I know I'm going to get penalized for early withdrawal but I don't see myself ever retiring and the dollar is just getting weaker and weaker. What do?


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[ - ] account deleted by user 5 points 3.1 yearsMar 29, 2021 14:27:24 ago (+5/-0)

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[ - ] JillBidensTaint [op] 1 point 3.1 yearsMar 29, 2021 14:37:53 ago (+1/-0)

Thanks for the reply. I know the difference but the phone doesn't I must have spelled it wrong and it autocorrected.

[ - ] binrobinrro 1 point 3.1 yearsMar 29, 2021 15:23:10 ago (+1/-0)

And it will be closer to 12k after the early withdrawal penalties.

[ - ] Version6 2 points 3.1 yearsMar 29, 2021 16:05:29 ago (+2/-0)

I took money out of my 401k to purchase my house. I've never regretted it.

[ - ] pickingrinninspittin 2 points 3.1 yearsMar 29, 2021 16:01:43 ago (+2/-0)

I'd hold off if I were you. I think there's a good chance the economy is in a bubble right now, buoyed up by unrealistic spending both by citizens and by governments. But tax revenue is down and general income is down so when enough loans start failing BOOM there goes the party. And when that happens not only will cash be king but that house you want will be cheaper.

We should know for sure by the early Fall.

[ - ] account deleted by user 0 points 3.1 yearsMar 29, 2021 21:18:30 ago (+0/-0)*

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[ - ] account deleted by user 2 points 3.1 yearsMar 29, 2021 15:31:30 ago (+2/-0)

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[ - ] ScheduledSuicide 1 point 3.1 yearsMar 29, 2021 17:32:35 ago (+1/-0)

You built a market on it?

[ - ] account deleted by user 1 point 3.1 yearsMar 29, 2021 19:20:55 ago (+1/-0)

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[ - ] account deleted by user 1 point 3.1 yearsMar 29, 2021 16:13:45 ago (+1/-0)

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[ - ] deleted 1 point 3.1 yearsMar 29, 2021 15:47:23 ago (+1/-0)

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[ - ] removed 0 points 3.1 yearsMar 30, 2021 12:08:24 ago (+0/-0)

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[ - ] account deleted by user 0 points 3.1 yearsMar 29, 2021 17:01:24 ago (+0/-0)

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[ - ] Darth_Nougat 0 points 3.1 yearsMar 29, 2021 14:32:38 ago (+0/-0)

Move it into an IRA and you can use it as a downpayment on a really cheap house. I had to pay some kind of penalty when I did that, but I don't even remember what it was; it way less bad than I expected. Maybe with the first time home buyer incentives and other weird random government regulations that nobody could possibly understand all of my tax guy found something amazing to save me tons of money. He probably did, he's a cool guy.

Idunno. Maybe just cash it out and but all the ammo.

[ - ] JillBidensTaint [op] 0 points 3.1 yearsMar 29, 2021 14:38:30 ago (+0/-0)

I forgot to mention that's what I did. I put it into a schwab IRA since the 401k was stagnant

[ - ] Darth_Nougat 0 points 3.1 yearsMar 29, 2021 17:45:05 ago (+0/-0)

Well shit, considering how schwab charges fees on everything you might actually come out ahead paying the penalty to use it as a down payment on some dump!

[ - ] HeartUnderBlade 0 points 3.1 yearsMar 29, 2021 14:27:47 ago (+0/-0)

move out of country and secure an international job before you withdraw anything. You should be secured financially and out of here before you think about taking your money out

[ - ] Flabbygasted 0 points 3.1 yearsMar 29, 2021 14:27:36 ago (+0/-0)

The less you have in the dollar, the better. 6 trillion over the last year (not including the federal reserve for PPT) and another 4 trillion coming up will help destroy the dollar. House, guns, silver, supplies are all better than cash.