401K Financial Planning

skybelle24 asked:

I have to have a $25,000 surgery not covered by insurance. I’m thinking of cashing out my 401K and someone told me that you can do it tax free for medical bills. Is this true?
I’m only 25 so it’s not like I can’t build back up my 401K…


Question posted courtesy of: Alvin

Gato asked:

PRE-tax and AFTER-tax dollars.

If I contribute $$ using AFTER-tax dollars, would that have the same principals as the ROTH IRA or other ROTH plans in general?

Would my AFTER-tax contributions into my 401K plan grow tax free and also be TAX free when I go to withdraw it?

Thank you.


Question posted courtesy of: Sam

Bill K asked:

My employer does not contribute to my 401k. I want to move my money without penalty to another financial institution.


Question posted courtesy of: Anita

kimberly03051 asked:

I owe the IRS 7K for taxes this year. The money I owe is for taking an early withdrawal from our 401K to fix the bathroom. I’m not sure it counts as a hardship, but the bathroom was mold infested and needed to be gutted everything replaced. Can i take more money out of my 401K to pay the taxes due and not have to incurr another penalty?


Question posted courtesy of: Timothy

Oliver J asked:

If I quit mt job today. How long will it take to get my 401k check?

I am planning on closing it out, even with all the penalties so I can get out of this debt.!

Anyone have an idea how long it will take? Months maybe?


Question posted courtesy of: Jennifer

mcrevell80 asked:

My husband is starting business school in the fall. I completed his FAFSA and our expected personal contribution is $53k per year (yikes!).

He has a considerable amount saved in his 401k account and since we are both young it might make sense to use that 401k retirement $ towards school expenses.

Is there any way to do this without incurring huge penalties? I know we would pay taxes on the amount in the 401k, but if we are using it for education expenses it seems like there might be some way to use the money without paying the penalty…

Does anyone know of a good way to do this?


Question posted courtesy of: Randall

yogidog asked:

I have an existing traditional IRA and two 401k’s from previous companies. I’d like to consolidate accounts.

Is there reason I should roll the 401k’s into a rollover IRA instead of directly into my existing traditional IRA?

Are there any consequences regarding maybe later converting the IRAs to Roth IRAs later?


Question posted courtesy of: Vincent

401help asked:

I am currently contributing to my 401k plan at my present job. I don’t like the choices they give me and the brokerage plan charges $18 per trade and $100 a year maintenance fee. Can I continue to fund the 401k plan and transfer the moneys to a Roth IRA or similar plan at another brokerage?


Question posted courtesy of: Walter

kari45385 asked:

I was told 4% was correct, but My pay dropped $20 for the $20 I put in the 401k. That doesn’t seem right. Does anyone know the correct amount?


Question posted courtesy of: Erin

nstirling03 asked:

I want to rollover my 401k to a IRA, but don’t know which company to pick. Please help!

Thank you!


Question posted courtesy of: Jamie