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/biz/ - Business & Finance

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54224347 No.54224347 [Reply] [Original]

I don’t have a financial advisor, but I figured asking anonymous people on the business & finance board of a Japanese-inspired website notorious for racism is a good enough substitute. I have a 401k with about $18k in traditional contributions and $1k in Roth contributions. Can & should I withdraw $10k from the traditional contributions for my house down payment? It won’t be growing tax free anyways. I only recently realized I fucked up and switched my contributions to Roth.

>> No.54224478

>>54224347
Amputate your legs to save on clothing.

>> No.54224496
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54224496

>>54224347

Get a job delivering pizzas while you work your regular day job. Steal a cell phone to do it.

>> No.54224580

>>54224496
He’s not wrong per se. it’s not going to *crash*, but it’ll be like someone is slowly letting the air out of a balloon. Especially when you adjust for inflation

>> No.54224590

Ride on the underside of passing cars to get to your destination

>> No.54224762

Subsist entirely off of complimentary condiments at fast food restaurants.

>> No.54224854
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54224854

>>54224580

>> No.54224867

>>54224854
shut the FUCK up

>> No.54224885
File: 44 KB, 1160x529, existing home sales.png [View same] [iqdb] [saucenao] [google]
54224885

>>54224580

>> No.54224904

>>54224347
Tax brackets are progressive you nunce if you're making nothing in retirement the fact that it's pre-tax isn't a bad thing. Unless you think you're going to have enough cash to be spending 150k+ adjusted per year. Fucking tard. ROTH idiots need to die in a hole. Go ahead and withdrawl your shitty little 10k. You've already given up. Capitulated. A lifetime slave. Have fun in your cuckbox of a house.

>> No.54224912

>>54224867
Don't mind me. Just enjoying housing not crashing.
>>54224885
Oh whoa this is craaaaaaazy

>> No.54224974

>>54224347
Taking money out of your retirement account will cause a 10% penalty + the amount of money you withdraw will be taxed at your normal tax rate.

You'd be better off saving up 10k. It won't take very long if you're focused.

>> No.54225068

>>54224885
The y axis on that chart is sales volume, not sales price

>> No.54225109

>>54224974
I read online you don’t have a 10% penalty on $10k for your first house
>>54224904
By the time I retire, the majority of the value would be from the interest and not the principal. Id rather pay tax on the principal than the interest

>> No.54225203

>>54224904
Calm down goddamn. Dudes just asking for help you don't have to be a fucking faggot about it ffs. Bet you bought a house 20 years ago when it was 50% less than pricing today not to mention the linear stagflation new buyers have experienced. Get off your high horse fucking boomer faggot

>> No.54226509

>>54225109
Hey stupid, taxfag here. Still have the extra 10% withheld since you get taxed at your AGI, not on whatever you earn separately. IE, if you make 30k and take 10k out, the 10k gets taxed at the 40k rate. so take out 12k, with 2k withheld for taxes. You're right, there's a exemption for first time home buyers, but its something you have to tell the disbursal agent as well as your tax guy, as their mutual ignorance will cost you money. You're welcome.

>> No.54226726
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54226726

Sales falling off a cliff and banks failing why is my zestimate going down!

>> No.54226913

>>54226726
2 more weeks!

>> No.54227440

>>54226509
My tax rate is like 35% so I guess I’m only gonna be able to effectively pull $7k

What’s your take on the traditional 401k? Is it trash compared to the Roth? I don’t plan on living as if I’m poor while I’m in retirement with $4m in the bank

>> No.54227496

>>54224347
just b urself

>> No.54227635

>>54227440
This is just personal opinion, but considering inflation is a subject that is now discussed in 5 year periods instead of a lifetime, nothing you put in will be worth anything when you pull it out, in real terms. A real retirement is when people pay you for your services and time, preferably collected by your children or their children.