I pulled my entire 401k from the market in hopes that it would increase the sell-off. Fuck around and find out stage is where we are. Dude wants to go full fascist. Well, the only thing fascists understand is economics, so that’s where we will hit them.
Sadly, it will affect us too, but, id rather be poor than sitting in a camp somewhere for disagreeing with the government.
I just had a talk with my wife about this as well. Do we pull it, knowing that it’ll get hit with the 10% fee. But then put it back in after the market is absolutely crash? Like…I’m assuming it’s going to get a lot worse …
You can transfer it to an pre-tax IRA with no penalty. I found an IRA at a credit union that is NCUA insured (similar to FDIC) which means it can’t lose money. The interest rate is low, though.
Yes, but if you don’t like your IRA for some reason, you can also just transfer it to a different IRA. Some IRAs do invest your money into the stock market, so they can have high interest rates (and risk). All IRAs have the advantage of being fully under your own control, unlike 401k’s which are substantially controlled by your employer.
Note that you can only do one “rollover” per year, but transfers are unlimited. Whenever you move money between any of these pre-tax accounts, try to make sure it will be a “transfer”, not a rollover.
I pulled my entire 401k from the market in hopes that it would increase the sell-off. Fuck around and find out stage is where we are. Dude wants to go full fascist. Well, the only thing fascists understand is economics, so that’s where we will hit them.
Sadly, it will affect us too, but, id rather be poor than sitting in a camp somewhere for disagreeing with the government.
I just had a talk with my wife about this as well. Do we pull it, knowing that it’ll get hit with the 10% fee. But then put it back in after the market is absolutely crash? Like…I’m assuming it’s going to get a lot worse …
I didn’t take it out, I sold the whole thing and bought foreign stocks. So I wasn’t investing in rhe U.S. market.
You can transfer it to an pre-tax IRA with no penalty. I found an IRA at a credit union that is NCUA insured (similar to FDIC) which means it can’t lose money. The interest rate is low, though.
Can you transfer it back afterwards?
Yes, but if you don’t like your IRA for some reason, you can also just transfer it to a different IRA. Some IRAs do invest your money into the stock market, so they can have high interest rates (and risk). All IRAs have the advantage of being fully under your own control, unlike 401k’s which are substantially controlled by your employer.
Note that you can only do one “rollover” per year, but transfers are unlimited. Whenever you move money between any of these pre-tax accounts, try to make sure it will be a “transfer”, not a rollover.
That’s not how a 401k works. You can’t just freely put money in to it.
deleted by creator
Mine had a money market fund which isn’t stock-based.
Probably not just 10%, but potentially taxed as income.