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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: Abusive corner preventive strike Taxes + penalty under 59.5 years old (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2...id#47644918) |
Date: May 8th, 2024 12:13 PM Author: frozen range Light it on fire (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2...id#47644924) |
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Date: May 8th, 2024 12:14 PM Author: pearly chapel 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...id#47644926) |
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Date: May 8th, 2024 12:21 PM Author: Carmine newt elastic band (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2...id#47644955) |
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Date: May 8th, 2024 12:24 PM Author: beady-eyed seedy factory reset button prole wow (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2...id#47644967) |
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Date: May 8th, 2024 2:48 PM Author: azure swashbuckling doctorate dragon (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...id#47645499) |
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Date: May 8th, 2024 12:23 PM Author: Grizzly trailer park Can’t you use a SEPP to avoid penalty (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2...id#47644962) |
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Date: May 8th, 2024 1:02 PM Author: Talking Sexy Haunted Graveyard 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: beady-eyed seedy factory reset button prole 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: Grizzly trailer park HIV (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2...id#47644975) |
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Date: May 8th, 2024 1:11 PM Author: pearly chapel (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2...id#47645112) |
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Date: May 8th, 2024 4:23 PM Author: ebony cerebral office mood (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2...id#47645828) |
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Date: May 8th, 2024 1:29 PM Author: frozen range (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2...id#47645185) |
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Date: May 8th, 2024 3:02 PM Author: Abnormal comical meetinghouse (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2...id#47645554) |
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Date: May 8th, 2024 1:04 PM Author: contagious personal credit line 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: embarrassed to the bone chest-beating theater stage gunner this thread isn't about you stupid mopey fat fuck (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2...id#47645089) |
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Date: May 8th, 2024 1:11 PM Author: contagious personal credit line 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: embarrassed to the bone chest-beating theater stage gunner nobody cares what you think Mr Houston, TX. (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2...id#47645131) |
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Date: May 8th, 2024 1:18 PM Author: contagious personal credit line That's not my name and not my town, brother. (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2...id#47645137) |
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Date: May 8th, 2024 1:18 PM Author: jet-lagged provocative sanctuary (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2...id#47645138) |
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Date: May 8th, 2024 1:19 PM Author: pearly chapel I think it's niggaz and Jews. (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2...id#47645148) |
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Date: May 8th, 2024 2:22 PM Author: razzle-dazzle light resort turdskin 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...id#47645403) |
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Date: May 8th, 2024 2:31 PM Author: Glittery primrose pistol 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...id#47645426) |
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Date: May 8th, 2024 2:35 PM Author: contagious personal credit line 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: hideous topaz tanning salon juggernaut (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2...id#47645523) |
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Date: May 8th, 2024 1:52 PM Author: Abusive corner preventive strike stfu (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2...id#47645294) |
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Date: May 8th, 2024 1:59 PM Author: Vibrant sweet tailpipe ceo 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...id#47645316) |
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Date: May 8th, 2024 2:56 PM Author: hideous topaz tanning salon juggernaut 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...id#47645530) |
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Date: May 8th, 2024 2:58 PM Author: Carmine newt elastic band 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...id#47645537) |
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Date: May 8th, 2024 5:54 PM Author: Vibrant sweet tailpipe ceo 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...id#47646095) |
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Date: May 8th, 2024 1:59 PM Author: avocado azn Yes (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2...id#47645318) |
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Date: May 8th, 2024 2:24 PM Author: cowardly depressive indian lodge 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: frozen range How much? (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2...id#47645478) |
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Date: May 8th, 2024 2:49 PM Author: cowardly depressive indian lodge 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: frozen range 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...id#47645823) |
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Date: May 8th, 2024 2:30 PM Author: cordovan multi-colored boltzmann 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...id#47645417) |
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Date: May 8th, 2024 2:36 PM Author: Carmine newt elastic band 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...id#47645440) |
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Date: May 8th, 2024 2:44 PM Author: cordovan multi-colored boltzmann 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...id#47645476) |
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Date: May 9th, 2024 8:20 AM Author: dashing keepsake machete 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...id#47647266) |
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Date: May 8th, 2024 4:30 PM Author: Alcoholic Hot Potus Nursing Home spaceporn could just go ahead and retire, no penalty (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2...id#47645845) |
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Date: May 8th, 2024 4:33 PM Author: dun violent principal's office laser beams 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: Abusive corner preventive strike fuck u chink (http://www.autoadmit.com/thread.php?thread_id=5526420&forum_id=2...id#47647253) |
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Date: May 9th, 2024 8:15 AM Author: Galvanic National Tattoo FYI you can avoid the penalty if you take substantially equal periodic payments.
https://www.irs.gov/retirement-plans/substantially-equal-periodic-payments |