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If you had like 12 mil in a Trad IRA would you retire and take the penalty
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Date: May 8th, 2024 12:12 PM Author: Glassy Aphrodisiac Center Taxes + penalty under 59.5 years old (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2#47644918) |
Date: May 8th, 2024 12:13 PM Author: Brindle trailer park coffee pot Light it on fire (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2#47644924) |
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Date: May 8th, 2024 12:14 PM Author: costumed den 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=2#47644926) |
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Date: May 8th, 2024 12:21 PM Author: Shimmering charismatic associate (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2#47644955) |
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Date: May 8th, 2024 12:24 PM Author: Rose indirect expression candlestick maker wow (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2#47644967) |
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Date: May 8th, 2024 2:48 PM Author: Scarlet Filthpig Meetinghouse (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=2#47645499) |
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Date: May 8th, 2024 12:23 PM Author: Massive telephone mediation Can’t you use a SEPP to avoid penalty (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2#47644962) |
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Date: May 8th, 2024 1:02 PM Author: effete new version pit 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. |
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Date: May 8th, 2024 12:26 PM Author: Rose indirect expression candlestick maker gay marry a 59.5 yo man, have him withdraw it, and then gay divorce him
what would be a reasonable fee for this |
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Date: May 8th, 2024 12:27 PM Author: Massive telephone mediation HIV (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2#47644975) |
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Date: May 8th, 2024 1:11 PM Author: costumed den (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2#47645112) |
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Date: May 8th, 2024 4:23 PM Author: Puce Corn Cake (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2#47645828) |
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Date: May 8th, 2024 1:29 PM Author: Brindle trailer park coffee pot (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2#47645185) |
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Date: May 8th, 2024 3:02 PM Author: overrated heady partner (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2#47645554) |
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Date: May 8th, 2024 1:04 PM Author: Low-t multi-colored hospital 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. |
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Date: May 8th, 2024 1:05 PM Author: Irradiated mexican gay wizard this thread isn't about you stupid mopey fat fuck (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2#47645089) |
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Date: May 8th, 2024 1:11 PM Author: Low-t multi-colored hospital 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. |
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Date: May 8th, 2024 1:17 PM Author: Irradiated mexican gay wizard nobody cares what you think Mr Houston, TX. (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2#47645131) |
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Date: May 8th, 2024 1:18 PM Author: Low-t multi-colored hospital That's not my name and not my town, brother. (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2#47645137) |
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Date: May 8th, 2024 1:18 PM Author: vibrant french becky stag film (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2#47645138) |
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Date: May 8th, 2024 1:19 PM Author: costumed den I think it's niggaz and Jews. (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2#47645148) |
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Date: May 8th, 2024 2:22 PM Author: spectacular umber jewess 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=2#47645403) |
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Date: May 8th, 2024 2:31 PM Author: cerebral degenerate 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=2#47645426) |
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Date: May 8th, 2024 2:35 PM Author: Low-t multi-colored hospital 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. |
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Date: May 8th, 2024 2:53 PM Author: bipolar navy hell friendly grandma (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2#47645523) |
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Date: May 8th, 2024 1:52 PM Author: Glassy Aphrodisiac Center stfu (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2#47645294) |
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Date: May 8th, 2024 1:59 PM Author: azure abnormal lay 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=2#47645316) |
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Date: May 8th, 2024 2:56 PM Author: bipolar navy hell friendly grandma 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=2#47645530) |
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Date: May 8th, 2024 2:58 PM Author: Shimmering charismatic associate Or they can max out loans and do IDR w/ maxed out 401k. (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2#47645537) |
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Date: May 8th, 2024 5:54 PM Author: azure abnormal lay 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=2#47646095) |
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Date: May 8th, 2024 1:59 PM Author: motley insane temple useless brakes Yes (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2#47645318) |
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Date: May 8th, 2024 2:24 PM Author: Odious mother 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 |
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Date: May 8th, 2024 2:44 PM Author: Brindle trailer park coffee pot How much? (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2#47645478) |
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Date: May 8th, 2024 2:49 PM Author: Odious mother 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 |
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Date: May 8th, 2024 4:22 PM Author: Brindle trailer park 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=2#47645823) |
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Date: May 8th, 2024 2:30 PM Author: slate lodge 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=2#47645417) |
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Date: May 8th, 2024 2:36 PM Author: Shimmering charismatic associate 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=2#47645440) |
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Date: May 8th, 2024 2:44 PM Author: slate lodge 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=2#47645476) |
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Date: May 9th, 2024 8:20 AM Author: Lime swashbuckling ratface school cafeteria 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=2#47647266) |
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Date: May 8th, 2024 4:30 PM Author: exhilarant main people spaceporn could just go ahead and retire, no penalty (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2#47645845) |
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Date: May 8th, 2024 4:33 PM Author: razzmatazz tripping sandwich 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 |
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Date: May 9th, 2024 8:09 AM Author: Glassy Aphrodisiac Center fuck u chink (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2#47647253) |
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Date: May 9th, 2024 8:15 AM Author: provocative gaping base FYI you can avoid the penalty if you take substantially equal periodic payments.
https://www.irs.gov/retirement-plans/substantially-equal-periodic-payments |