401K advise... - Chicagoland Sportbikes
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post #1 of 11 (permalink) Old 10-23-2013, 09:41 PM Thread Starter
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401K advise...

Would you roll it over or cash it out and buy a new S1000?
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post #2 of 11 (permalink) Old 10-23-2013, 09:48 PM
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Quote:
Originally Posted by CHARLY R6 View Post
Would you roll it over or cash it out and buy a new S1000?
Roll it over. Being tax sheltered and invested, you can probably make an equivalent 8% or more on your money. More than likely you can get a better rate than that on a car loan.
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post #3 of 11 (permalink) Old 10-24-2013, 02:21 AM
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Quote:
Originally Posted by CHARLY R6 View Post
Would you roll it over or cash it out and buy a new S1000?
That S1000 wont help you buy diapers when you're 80 and cant make it to the shitter on time. The 401k might.

You better be nice to America or we will bring democracy to your country.
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post #4 of 11 (permalink) Old 10-24-2013, 07:19 AM
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This is America. Get the S1000rr. YOLO!

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image v. substance. Some people want to be motorcyclists, others just want to be seen as motorcyclists.
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post #5 of 11 (permalink) Old 10-24-2013, 08:11 AM
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Smart move is the roll it over AKA wise move...

If don't care about money for later in life (retirement) cash it in and lose 50% right off the bat and hope have enough to get said S1000R.

Jon
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post #6 of 11 (permalink) Old 10-24-2013, 08:49 AM
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post #7 of 11 (permalink) Old 10-24-2013, 09:50 AM
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Do it. Random YWB's are never gonna ask to ride on the back of your 401k.

Eric
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post #8 of 11 (permalink) Old 10-24-2013, 10:41 AM
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Quote:
Originally Posted by Maynard View Post
Do it. Random YWB's are never gonna ask to ride on the back of your 401k.
Well that all depends on how big your NEST egg is, really. Many millions, you'll have all kinds of people claiming to be long lost family member's..

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post #9 of 11 (permalink) Old 10-24-2013, 11:24 AM
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post #10 of 11 (permalink) Old 10-24-2013, 07:15 PM
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Roll Over.

If you pull it out, you will pay your regular income tax rate (and the money will likely put you in a higher tax bracket), PLUS an extra 10% tax penalty for early withdrawal.

That could be as high as a 44% tax on the withdrawal. But when you get the money, they only withhold 20%, so at tax time you will be on the hook for the difference.

Craig
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post #11 of 11 (permalink) Old 10-25-2013, 08:08 PM Thread Starter
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Cash is KING right now... I'll just go to casino and hope I'll make it double or goto Vegas and bet on Pacman's fight in Nov... let's go!
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