401K

I pulled all my money out last May because I didn't trust Mr. Potato Head in the White House.

The move (and lack of trust in Biden) has saved me about $25,000. Always sell when a Dim enters the White House. :thup:
How do you pull it out?
 
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Take a deep breath, let it out.

401K's are not intended to be something you put in and take out a a whim. The intent is to look to the long term and let it ride.

This coming from someone that has been investing in my 401K for many years. It goes up, it goes down, in the long term it will go up again. As a matter of fact I just got a bonus at work and arranged with payroll to put the whole thing into my 401K.

Try gaming the system and pulling money means that your paper "losses" become real.

WW
 
I cant touch mine until retirement or i quit my job.
You always have the right to withdraw some or all of your contributions and their earnings from a 401K, but it's not always that black and white. Every withdrawal you take will be subject to income taxes, and you might owe a tax penalty as well. In most cases you will have to pay a 10% withdrawal penalty if you are under 59 1/2 plus taxes on withdrawals. Also, you may lose all or part of the contributions by your employer. The vesting period for a 401k varies with employer.

 
You always have the right to withdraw some or all of your contributions and their earnings from a 401K, but it's not always that black and white. Every withdrawal you take will be subject to income taxes, and you might owe a tax penalty as well. In most cases you will have to pay a 10% withdrawal penalty if you are under 59 1/2 plus taxes on withdrawals. Also, you may lose all or part of the contributions by your employer. The vesting period for a 401k varies with employer.

I can take a loan or hardship but thats it.
I tried to close my account completely so i could put it in the bank, but they rejected it.
 
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Take a deep breath, let it out.

401K's are not intended to be something you put in and take out a a whim. The intent is to look to the long term and let it ride.

This coming from someone that has been investing in my 401K for many years. It goes up, it goes down, in the long term it will go up again. As a matter of fact I just got a bonus at work and arranged with payroll to put the whole thing into my 401K.

Try gaming the system and pulling money means that your paper "losses" become real.

WW
The chips are really stacked against the small investor who moves in and out the market. For those that are in the market for the long haul, the government rewards you with tax sheltered investment plans and long term capital gain taxes. Most mutual funds charge fees to make short investments and brokerages charge small investors higher fees and provide less services than for big investors.
 
I can take a loan or hardship but thats it.
I tried to close my account completely so i could put it in the bank, but they rejected it.
Usually most 401k plans offer a safe option. A garuanteed interest fund or government bond fund. Put the money there. It won’t return shit, but you won’t lose more of your money.

I would also keep contributing if your employer offers matching funds. Why would you turn down money from your employer?

Those who say ride it out may be giving bad advice. If you’re close to retirement, losing a substantial portion of your nest egg may be difficult to recover from. If your counting on the money in the next few years, you can’t afford a big draw down now.
 
So, over the last year, I have lost 13K bucks. I lost 1K since last Monday.
I have stopped putting money into it.
I tried to withdrawl all i could so i could put it in something safe, but of course, the govt tells you to fuck off.
I tried to get a hardship and just save what I could, and they want receipts on home repairs.
Now, im just sitting here watching part of my retirement whither down to nothing.
WTF can i do? Am I missing something? Is there a way I can get all my money out of the market?
Am i just freaking out for no reason?
I have lost 27 grand this year

MY BROTHER HAS LOST $ 525,000
 
So, over the last year, I have lost 13K bucks. I lost 1K since last Monday.
I have stopped putting money into it.
I tried to withdrawl all i could so i could put it in something safe, but of course, the govt tells you to fuck off.
I tried to get a hardship and just save what I could, and they want receipts on home repairs.
Now, im just sitting here watching part of my retirement whither down to nothing.
WTF can i do? Am I missing something? Is there a way I can get all my money out of the market?
Am i just freaking out for no reason?
You can do nothing. That is the problem with 401ks as a replacement for pensions.
Thank God I worked 26 years for a company that had old fashioned - actual pension. Not the fucked up pensions after Greenspan and others, including Republicans, removed regulations allowing companies to rob their own pension funds.
Old fashioned pensions were the best retirment vehicles.
1) They cost you not one penny. It is part of your compensation as much as wages.
2) The money was guaranteed to never fall below 80% funded. If the company invested part of it poorly, and the fund goes below 80% - the company has to use their own money to replenish the short fall.

This is why 401ks were invented by the ruling class.
Oligarchy 1
Everyone else 0
 
I can take a loan or hardship but thats it.
I tried to close my account completely so i could put it in the bank, but they rejected it.
I have never seen such a plan but if the plan document says you can't take early distributions you're screwed. If you're employer does not contribute to the plan, I would stop contribution and open an IRA. If the rate is low enough, a loan might help.

However, my advice for what it's worth is cut spending, take on second job or whatever you have to do and continue investing. Despite all you heard about runaway government spending, inflation, recession, trade imbalances, etc.. the US economy is strong and it will certainly recovery as it has dozens of times over the last 200+ years.
 
I have never paid much attention to market performance predictions based on presidents, party, alignment of the stars, groundhog day, or who won the super bowl, because once you know the outcome you can always find statistics that seem to have predicted that outcome, but they are not predictors but rather just statistics. However, if you believe political party determines the market performance, consider the following:

The average Republican administration since 1900 saw gains of 3.5% per year, while the Democrats saw gains of almost twice as much, at 6.7% per year.

“Since 1945, the S&P 500 has averaged an annual gain of 11.2% during years when Democrats controlled the White House well ahead of the 6.9% average gain under Republicans.”



Fake data due to the Great Depression. Remove Hoover from the data set and things look very different.
 

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