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  • Post Moass 401k procedure

     Curunir updated 1 year, 4 months ago 4 Members · 4 Posts
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  • James

    Member
    May 23, 2021 at 5:18 pm

    I’m know I am not the only ape with all of my investments tied up in a 401k. After Moass what are the next steps to get at my money? No where close to retirement age btw.

  • Unity_in_2021

    Member
    May 23, 2021 at 9:45 pm

    I believe the only way to cash out your 401k without retiring is to quit your job and then you can cash out instead of roll money over.

  • BJMSinge

    Member
    May 23, 2021 at 10:55 pm

    If you quit at the year you turn 55 or older you can take money out. You can always take money out but if you quit and then cash out you will pay a 10% early withdrawal penalty. You will also be taxes on everything you take out as income and not at the more favorable capital gains rates. If you have it in a Roth then if you hold it until 59-1/2 ( after having the account at least 5 years) you will owe zero taxes. My shares are split across a 401k rollover IRA, a Roth and a regular brokerage account.

  • Curunir

    Member
    May 23, 2021 at 11:21 pm

    Similarly I have a lot of years of work in a 401k. I have already looked at some options to roll it over should things go that way, but this is one of the big reasons getting with a good financial advisor is a top-level recommendation post-MOASS.

    Yeah, if you got enough from the squeeze to retire early then 10% of that 401k may not look like a big deal, but why leave any money on the table?

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