online dating dating sites month - Liquidating my 401k
Roth plans are funded with after-tax dollars; therefore, you may take out your contributions at any time no matter what your age without facing taxes or IRS penalties. You cannot pull out your Roth 401(k) or IRA earnings until you reach age 59 1/2 and have had your Roth account opened for five years or longer.I may choose to liquidate my 401(k), when changing jobs.Historically, there is an economic downturn every seven to eight years, so the honest answer is, not long.
Example 1: This is very optimistic- You are married, you and your spouse jointly earn $55K.
After an assumed $25K in deductions, let's assume your taxable income would be $30K.
If you lose your job, you can pay for your health insurance with your IRA.
If you get into tax trouble and the IRS levies your IRA, it can liquidate the IRA to pay your tax lien.
Individual retirement accounts and 401(k)s are retirement savings accounts designed to hold your money until retirement and technically are not liquid assets, unless you have reached retirement age.