The most prestigious law school admissions discussion board in the world.
|
 |
 
|
If you had like 12 mil in a Trad IRA would you retire and take the penalty
Poast new message in this thread
Date: May 8th, 2024 12:12 PM Author: bateful locale ceo Taxes + penalty under 59.5 years old (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47644918) |
Date: May 8th, 2024 12:13 PM Author: alcoholic free-loading forum coffee pot Light it on fire (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47644924) |
|
Date: May 8th, 2024 12:14 PM Author: floppy institution internal respiration I would just borrow money and pay it off when I can withdraw without penalty. (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47644926) |
 |
Date: May 8th, 2024 12:21 PM Author: shaky psychic dysfunction (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47644955) |
|
Date: May 8th, 2024 12:24 PM Author: Shivering Private Investor Shitlib wow (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47644967) |
|
Date: May 8th, 2024 2:48 PM Author: Chrome Adventurous Deer Antler (guy getting the ENTIRE IRA amount treated as a distribution in the current year and having to pay taxes and getting penalty-pwned LJL) (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47645499) |
|
Date: May 8th, 2024 12:23 PM Author: Provocative round eye Can’t you use a SEPP to avoid penalty (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47644962) |
|
Date: May 8th, 2024 1:02 PM Author: passionate space Yes
Also I'm pretty sure you don't have to aggregate your IRA balances for purposes of calculating the SEPP - you do the SEPP calculation on the account value. So if doing a SEPP on the full 12 milli would make your income too high, you can just break off a chunk into a separate account. |
|
Date: May 8th, 2024 12:26 PM Author: Shivering Private Investor Shitlib gay marry a 59.5 yo man, have him withdraw it, and then gay divorce him
what would be a reasonable fee for this |
|
Date: May 8th, 2024 12:27 PM Author: Provocative round eye HIV (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47644975) |
|
Date: May 8th, 2024 1:11 PM Author: floppy institution internal respiration (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47645112) |
|
Date: May 8th, 2024 4:23 PM Author: cordovan mentally impaired stage old irish cottage (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47645828) |
|
Date: May 8th, 2024 1:29 PM Author: alcoholic free-loading forum coffee pot (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47645185) |
|
Date: May 8th, 2024 3:02 PM Author: elite useless brakes (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47645554) |
|
Date: May 8th, 2024 1:04 PM Author: Irradiated insane pit I will never retire and withdraw socially like that. I don't see the appeal. It's not a question of money. "Retirement" is not a math problem or even a desirable place to end up. It's a real-life problem that we should all work hard to avoid. |
|
Date: May 8th, 2024 1:05 PM Author: Twisted Stain Nursing Home this thread isn't about you stupid mopey fat fuck (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47645089) |
|
Date: May 8th, 2024 1:11 PM Author: Irradiated insane pit I just don't think anyone should ever retire. It's not a goal worth having. In fact, I think it is things like obsession with retirement and obsession with home ownership that's destroying America. |
|
Date: May 8th, 2024 1:17 PM Author: Twisted Stain Nursing Home nobody cares what you think Mr Houston, TX. (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47645131) |
|
Date: May 8th, 2024 1:18 PM Author: Irradiated insane pit That's not my name and not my town, brother. (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47645137) |
|
Date: May 8th, 2024 1:18 PM Author: Tan whorehouse twinkling uncleanness (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47645138) |
|
Date: May 8th, 2024 1:19 PM Author: floppy institution internal respiration I think it's niggaz and Jews. (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47645148) |
|
Date: May 8th, 2024 2:22 PM Author: Bright field lettuce Pick one: abundant homeownership, retirement at a reasonable age, and all niggers and jews deported, *OR* live in pods, work until death, but you get to keep the niggers and jews (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47645403) |
|
Date: May 8th, 2024 2:31 PM Author: Dashing fortuitous meteor agree but owning real estate is good, just it shouldn’t be your own very expensive coffin (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47645426) |
|
Date: May 8th, 2024 2:35 PM Author: Irradiated insane pit I don't disagree with owning real estate as an asset in some situations. I just disagree with the mass marketed idea that homeownership is some kind of "American Dream" or some key feature of American economic exceptionalism. Homeownership hurts more people than anyone lets on in this country and it's full of pitfalls for the unwary. SFH ownerships causes financial hardship, divorces, child abuse, spousal abuse, mental health crises, hospitalizations, suicide, etc. It's toxic. |
|
Date: May 8th, 2024 2:53 PM Author: Laughsome associate (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47645523) |
|
Date: May 8th, 2024 1:52 PM Author: bateful locale ceo stfu (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47645294) |
|
Date: May 8th, 2024 1:59 PM Author: iridescent school Today I would still plan to work for at least 10 more years. If I was over 50 and kids were on their way/attending or admitted to good colleges that I could afford to pay for without borrowing, then I would work for like 1-2 more years and get to where I had 200-300k in cash and then would buy 2-3 tear down/fixer upper houses to flip. Would do 3-4 rounds of flips and would always borrow and take losses I could carry forward to offset taxes on 401k withdrawals. Beyond that it would give me a way to teach my kids to work with their hands and would set me up with better lending relationships for future businesses. Would try to have a couple flips be properties that family could keep long term like a ski/mountain place or hunting lodge, a beach house or lake house, and a 2 bdrm apartment in MFH, and set those up as airbnbs and then expense as many family vacations for the extended family and friends as possible, call them business trips to scout new flips and probably come up with 2-3 other businesses that could also give me deductible expenses to use against 401k. If I’m 60 with 15M in cash and a few valuable properties for short term rentals that have solid equity I think I’d be ready to retire and just write or make music the rest of my days. (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47645316) |
|
Date: May 8th, 2024 2:56 PM Author: Laughsome associate I can't believe people still plan on sending their kids to college and also paying for it knowing what we know now. The CR plan is *if* your kids want to go to college, get a scholly to local school or get the cheapest STEM degree possible. (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47645530) |
|
Date: May 8th, 2024 2:58 PM Author: shaky psychic dysfunction Or they can max out loans and do IDR w/ maxed out 401k. (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47645537) |
|
Date: May 8th, 2024 5:54 PM Author: iridescent school Not requiring college, but I strongly suspect that predictions of the decline of its credentialing and signaling power for employers are wrong and it will become a luxury good to allow the rich to identify themselves while portraying it as merit. Also both my kids are going to be handsome bros and I want them to experience the joy of banging lots of girls in college. For this reason I will strongly push them toward state flagships (I attended one and it was 180), but I won’t restrict them to attending the state schools where they get a scholly. Also it’s likely that nearly all of their high school friends will go to college and they will want to keep up. But if they tell me senior year that they aren’t sure if they want to go to college and they want to do anything else that would be useful instead—start/grow a business, tour with their bands, start a website to document their year in Europe banging chicks in every major European capital, etc.—I would be all about it. I do think the “every guy should just do a building trade” school of thought is pretty stupid. (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47646095) |
|
Date: May 8th, 2024 1:59 PM Author: razzle silver business firm Yes (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47645318) |
|
Date: May 8th, 2024 2:24 PM Author: Khaki heady abode I liquidated my IRA in my late 20s and used it to travel the world. Not flame. Paid the penalty
Don't regret it even one bit and would do it again |
|
Date: May 8th, 2024 2:44 PM Author: alcoholic free-loading forum coffee pot How much? (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47645478) |
|
Date: May 8th, 2024 2:49 PM Author: Khaki heady abode It wasn't a lot it was like 50
For some reason I started contributing to a new one again in my 30s I stopped now but now that money is stuck in there forever and I'll never see it unless I pay the penalty again. I'm retarded |
|
Date: May 8th, 2024 4:22 PM Author: alcoholic free-loading forum coffee pot It doesn’t matter there’s going to be a massive rugpull and people will get press ganged into militias (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47645823) |
|
Date: May 8th, 2024 2:30 PM Author: azure piazza can you use an IRA to secure a LOC? maybe not a great idea now but if you could get a great rate being that the LOC is 100% secured during the low interest days that seems preferrable to taking the 10% penalty and taxes. (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47645417) |
|
Date: May 8th, 2024 2:36 PM Author: shaky psychic dysfunction IIRC the interest you pay on a traditional IRA LOC is paid to yourself as an after-tax contribution? (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47645440) |
|
Date: May 8th, 2024 2:44 PM Author: azure piazza i meant using the assets in an IRA as security for a separate LOC, but a quick google search would have told me that's a prohibited transaction. (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47645476) |
|
Date: May 9th, 2024 8:20 AM Author: greedy pocket flask hissy fit I don’t think you can because of federal anti spendthrift rules. Certainly cannot with a 401k. My guess is that even if not explicitly prohibited it would trigger income recognition on the account. (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47647266) |
|
Date: May 8th, 2024 4:30 PM Author: Henna stimulating corner sound barrier spaceporn could just go ahead and retire, no penalty (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47645845) |
|
Date: May 8th, 2024 4:33 PM Author: vengeful den mother u stoopid faggot u dont have to take the entire amount out, just keep it in the IRA tax free and each year take out whatever u need faggot, if ur gains that year are anything it prob covers the 10% on teh amount u take out
FAGGOTS |
|
Date: May 9th, 2024 8:09 AM Author: bateful locale ceo fuck u chink (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2Reputation#47647253) |
|
Date: May 9th, 2024 8:15 AM Author: pearly parlor FYI you can avoid the penalty if you take substantially equal periodic payments.
https://www.irs.gov/retirement-plans/substantially-equal-periodic-payments |