Boone & Crockett - 8/11/2024 09:30
lowcop - 8/11/2024 04:31
Keep on Truckin - 8/10/2024 22:21
They take 20% but you end up paying at your normal rate.
After 59 1/2 401k withdrawals are taxed just at your normal rate, there is no penalty.
What he’s saying is the plan administrator/fund company is going to withhold 20% automatically, then you’ll either owe more or less when you file your return. And to the OP, my advice would be to figure out how much ROI is achieved over and above 5 1/2%, that’s the return on your risk and labor. Can get 5 1/2% guaranteed by sitting in your easy chair. Personally, I wouldn’t even consider it unless I conservatively estimate a minimum of 20% ROI. I don’t need a working retirement. Nor desire to have one. Your mileage will vary.
Legit ?...would you liquidate a 401k for this?
