401k cares act withdrawal
- Thread starter textat3
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ManInBrown
Well-Known Member
Yes. You call Prudential and speak to a representative, they then connect you to an automated line where you answer a few questions stating you were affected by Covid. The requirements are very broad. Answer yes, you get sent back to the representative and they process the withdrawal. You can spread the taxes owed over three years. I had 10% taken off the top and will pay the remaining over the three years. Just an FYI the cares act is expiring sometime in December so if you‘re planning on taking money out I wouldn’t wait long.
542thruNthru
Well-Known Member
@Faceplanted did I believe
Brownslave688
You want a toe? I can get you a toe.
Yes put it all in bitcoin then retire in 12 months.
I have though of that for real.
Brownslave688
You want a toe? I can get you a toe.
Should have done it a few months back but buying at 15k -20k is better than buying at 80k next year.
Why on earth would you want to take money out?
SorryLazyPOS
Big Kahuna Burger
Do not take it out
burrheadd
KING Of GIFS
Do it
Heard you can do it all online, no phone call.
For starters....can depend on how much they have in there, their age, and how much longer they anticipate working and contributing into it I guess.
churn n’ burn
Well-Known Member
Where are you going to get a better return? Leave it...
I totally agree with you. But some people have situations that arise and they will be dipping as it's a somewhat opportune time to do so to avoid the extra penalty.
oldngray
nowhere special
This is why they make it hard for people to get to that money.
And that's why you should have an emergency fund.!!!!
Faceplanted
Well-Known Member
How does one abuse their own money? Their money that came out of their paycheck and put into a fund. I’m having trouble following this logic. There are obvious stipulations that you agree to when you use a 401k option, they are 100% unfair in my eyes. Most companies allow withdraws for whatever reason, ups does not. Why.... I know why.
people don’t understand why there are these rules. People don’t understand why 401ks are pushed, people don’t understand why you can’t withdraw your money
They need idiot boomer money to keep proping up the market. They need retirement funds/pensions ect to keep proping up the market. The real money makers get real returns. Your retirement funds keep the market stable in an aspect that allows their funds to take risks that pay off at much higher %s than your s&p returns. If your a npc use your 401k option.
Anybody’s opinion on what anybody should do is laughable. Mind your business. Understand nobody knows all. Be humble and maybe learn from these risk takers, especially if you can notice a trend that shows that the risk takers aren’t taking much risk. It’s not “luck”. It’s having a vision and having an imagination and the result happening just as you thought it would. People seem to have an issue analyzing simple data. Bitcoin, tsla stock, ect. Data is data, and the people who picked either of those 2 are winners. Your the looser.
it’s mind boggling to me that anybody can have any type of idea that you shouldn’t touch your 401k... no reason. People literally beleive that you should not touch your own money because you shouldn’t and it’s better for you to not to
let people fail. Let people spend it on drugs and hookers. Who cares?
