401K Financial Planning

truthseeker asked:


When you invest in the stockmarket and have a 401k are you not taking a risk just like gambling. I do not see the difference. Does the Bible specifically state that it is a transgression or sin to gamble? If the Bible does not say it how can man say it is sin. Is not sin a transgression or a missing of the mark (God’s Law)?

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Dru D asked:


I got a package in the mail from TRowe, which gave me the option of actually keeping my 401k with my former company. Is this possible and is there a disadvantage/advantage to this?

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emailfordon asked:


I am in a financial bind for the next 4-6 months and I am at my last resort of holding back my normal 401K deductions from my paycheck; or maybe just change it to 1% of my pay. Other than the obvious loss of money which my 401K grows with, are there any other negatives I am not aware of?

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mike s asked:


I just had to quit my job after thirty years with Lockheed. I was an hourly worker. I have no insurance, but a small pension. I have 20000 in my 401k and I am 55 years old. It sinces its availble for withdrawal but what type of tax penalty , i am 55. worked since i was 14 but uneducated.
I have decided to buy a sailboat and live on it.
Can someone tell me how to get it and how much i can get without IRS problem?

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Travis B asked:


I quit my job last year and as a result my 401k was canceled and I received a payout of the balance. I understand I have to pay taxes on this amount as income, and I also have to pay an additional 10% tax for the early withdrawal. I don’t see any place on the tax form for this additional tax however. What form do I need to file for the extra 10%?

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hockeyjon04 asked:


Help settle a discussion here at my house. If a person in their 20’s or 30’s quits their job and decides not to go back to work, can they withdraw their 401k immediately or will they have to wait till retirement age? ( for the sake of argument say retirement is between 55 and 60). I say that the person has to wait for retirement age but my wife says that a person can withdraw it now,but with penalty and will also have to pay taxes on the total amount.
Sorry folks, I forgot to say that this isn’t the situation we’re personally considering, it’s just one of those odd topics that we got caught up in discussing.

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bkktal asked:


So I heard that our economy is going through a downfall. Can I take all my 401k out before the market goes down? I know I will be penalized, but wouldn’t it be better to take it out now than to risk having a $ 0.00 return during retirement?

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