U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics > Investing
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 09-04-2009, 06:02 PM
 
12,671 posts, read 21,059,830 times
Reputation: 2625

Advertisements

Would you withdraw your money earlier then 59.5 if you were satisifed with the money in there? Knowing that how much penalty and taxes you will pay? Can it be worth it?
Reply With Quote Quick reply to this message

 
Old 09-04-2009, 06:11 PM
 
Location: Prescott Valley,az summer/east valley Az winter
2,042 posts, read 3,628,332 times
Reputation: 7884
not unless I had so much in there that I could live forever on it + a little and I had nowhere else to get any money.
Figure what you make now~ is it enough to live how you would like to live?double it~ times 35 years.

If you have more than that amount in your account then maybe you can take some out without ruining your retirement but better to take out of accounts that are not earmarked for retirement first!
Reply With Quote Quick reply to this message
 
Old 09-04-2009, 06:16 PM
 
69,372 posts, read 55,503,824 times
Reputation: 9363
Quote:
Originally Posted by Texas User View Post
Would you withdraw your money earlier then 59.5 if you were satisifed with the money in there? Knowing that how much penalty and taxes you will pay? Can it be worth it?
Depends, I wouldnt hesitate to withdraw the money if I was facing a loss this year and withdrawing it and paying the penalty could be offset by those losses. In addition, if I was to take that amount and reinvest it into another investment that yielded better results..

Example, if I was to withdraw $100K, I could invest it in a property for $500K, and plan so that when I reach the age of retirement, that property would be paid off and bring in $50K a year..

The problem isnt the withdrawing of it, its what will you do with that money to subsidize its intent, i.e. your retirement...
Reply With Quote Quick reply to this message
 
Old 09-04-2009, 06:51 PM
 
2,728 posts, read 7,364,786 times
Reputation: 1062
the problem with withdrawing your account would be the tax implications. Why save then get hit on taxes?
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Investing
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top