- Habits of self-made millionaires who retired early - 1 Update
- Another 401k question - 4 Updates
| ggggg9271@gmail.com: Dec 13 01:36PM -0800 https://www.businessinsider.com/self-made-millionaire-early-retirement-habits-2019-12 |
| ggggg9271@gmail.com: Dec 12 09:41PM -0800 On Saturday, August 6, 2005 at 7:04:27 PM UTC-7, pooky wrote: > the distribution)? > Any other advice would be appreciated. > Thank you. https://www.marketwatch.com/story/heres-proof-that-401k-plans-are-not-working-for-most-americans-can-you-guess-who-they-are-working-for-2019-12-12 |
| John Weiss <jrweiss98155@comcast.net>: Dec 13 06:42AM -0800 On Saturday, August 6, 2005 at 7:04:27 PM UTC-7, pooky wrote: Hello, I am looking to correct the bad situation of being in debt, which would include gettting rid of mortgage debt. It seems that even if I eliminated the credit card debt that we have, that mortgage debt is just as bad and if I'm going to take the hit of a 401k distribution, I may as well knock down the mortgage as well. - I pay approximately $297/mo in mortgage interest and pmi - I pay approximately $1500 to the cc bills which incurs $62/mo in interest ($360/mo total in interest to mortgage, pmi and cc's) - Last year, my taxable income was $34k, so the distribution would probably kick me into the next bracket, but I am unsure of how much that effect would be. - I am in my mid-30's I have recently changed jobs and have approx. $66k in my former 401k plan. Alternatively, I could take the $66k, minus the 10% penalty tax ($6,600) and what my regular estimated tax rate would be ~30% (estimated tax and would cost ~$19.8k), this would leave me approx. $39,600 (66-19.8-6.6 = $39,600). DO NOT raid your 401k unless you ABSOLUTELY HAVE TO! You say you would rebuild your retirement, among other things. Unfortunately, "life happens", and many people in your situation never accomplish what they think looks so simple on paper. How long do you think it will take to rebuild that $66K? You will just be that much farther down the road, in the same situation. If you think you can 'cut up your credit cards' after paying them off, you can stop using them NOW! Lock them in a safe and pay cash for everything. If you can't do it now, you won't do it afterwards. Instead of paying extra on your mortgage principal every month, use it to pay off the interest-bearing credit card, then the other credit card when interest starts. If you continue paying $1600/month and don't use them, you'll be paid off in less than a year. |
| ItsJoan NotJoann <itsjoannotjoann@webtv.net>: Dec 13 08:00AM -0800 On Friday, December 13, 2019 at 8:43:00 AM UTC-6, John Weiss wrote: > (estimated tax and would cost ~$19.8k), this would leave me approx. > $39,600 (66-19.8-6.6 = $39,600). > DO NOT raid your 401k unless you ABSOLUTELY HAVE TO! Look at the date of this thread. Originally it was posted on A U G U S T 0 6, 2 0 0 5. I'm pretty sure this 'pooky' person has already made their decision to do whatever they wanted 14+ years ago. |
| ItsJoan NotJoann <itsjoannotjoann@webtv.net>: Dec 13 08:07AM -0800 > On Saturday, → → → → → → → → → → August 6, 2005 ← ← ← ← ← ← ← ← ← ← at 7:04:27 PM UTC-7, pooky wrote: > > I am looking to correct the bad situation of being in debt, which would > > include gettting rid of mortgage debt. > https://www.marketwatch.com/story/heres-proof-that-401k-plans-are-not-working-for-most-americans-can-you-guess-who-they-are-working-for-2019-12-12 1. Look at dates you're throwing up sites you've gleaned from the internet. 2. Learn to trim your posts instead of quoting reams of text. 3. Good grief. |
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