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DAP Forums > DREAM Act > The Lounge

Taking early widthrawal from 401K

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#1
08-30-2023, 12:16 AM
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DamLeon123
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I am trying to take an early withdrawal from 401K. I know about all the penalties and taxes associated with and early withdrawal. I am only trying to take out a small portion. My 401k is with Fidelity and when I called them they said that I could only withdraw if I had a qualifying hardship. Long story short I am only trying to withdraw money for a moths rent as I am going on a leave of absence from my job for a month. I told them that I just needed a little bit taken out. I was under the assumption that if it was my money I would be able to take it out in great time on need. Are they allowed to do that?

On another completely different note. I have been taking melatonin for the last year non stop. I am getting this massive headaches and head pressure and tightness. I have been researching to see if melatonin is associated with headaches as a long term basis of using it, but I have found nothing conclusive. Has anyone that has taken melatonin long term experience this types of headaches? Thank you
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#2
08-30-2023, 01:31 AM
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What no absolutely not. You called someone? You can do it all from the website
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#3
08-30-2023, 09:26 AM
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401k is the biggest scam. you can not withdraw until or unless you proof hardship. you can take your money after you retire but you still have to pay taxes. you dont know if you gonna make to your retirement. you dont know if market will be good until you retire. you can take a loan but money you pay back is after taxes. this is just losing game. its like lotto only one person will win out of millions.

what I have learned is if you are above 30 and already contributed to 401K then stop contributing. you should not contribute more than 30K. you will be lucky to get back 30k after retirement. but by that time value of 30k won't be the same. if you still want to contribute than dont contribute more than what your company match. for example if your company match 100% up to 5% than stick with 5% or below.

its huge scam friends. its better to keep that money in hands and use somewhere else now vs 99.9% of loosing your money after retirement. theres only 1 advantage with 401k is if you need to borrow money in an emergency and you have no other option than you can borrow your money without an issue. not all money lol but some but remember you are paying back after taxes. so you will pay more taxes or penalties on your own money depends on how you take it out.
Last edited by papi mango; 08-30-2023 at 09:34 AM..
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#4
08-30-2023, 01:19 PM
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Do NOT listen to Mango’s advice. They clearly do not know anything about this.

You can withdraw from your 401k. Some plans require you have hardships (e.g. eviction) some plans do not require hardship; find out what you have but paying rent would seem it qualifies for hardship.

I don’t think Mango knows about investing because even leaving $30k in a 401k for 30 years and not contributing another cent would result in $228k by putting it in an snp500 fund at 7% growth (which is conservative)

Quote:
Originally Posted by papi mango View Post
401k is the biggest scam. you can not withdraw until or unless you proof hardship. you can take your money after you retire but you still have to pay taxes. you dont know if you gonna make to your retirement. you dont know if market will be good until you retire. you can take a loan but money you pay back is after taxes. this is just losing game. its like lotto only one person will win out of millions.

what I have learned is if you are above 30 and already contributed to 401K then stop contributing. you should not contribute more than 30K. you will be lucky to get back 30k after retirement. but by that time value of 30k won't be the same. if you still want to contribute than dont contribute more than what your company match. for example if your company match 100% up to 5% than stick with 5% or below.

its huge scam friends. its better to keep that money in hands and use somewhere else now vs 99.9% of loosing your money after retirement. theres only 1 advantage with 401k is if you need to borrow money in an emergency and you have no other option than you can borrow your money without an issue. not all money lol but some but remember you are paying back after taxes. so you will pay more taxes or penalties on your own money depends on how you take it out.
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#5
08-30-2023, 02:18 PM
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Quote:
Originally Posted by Shapeshift0827 View Post
Do NOT listen to Mango’s advice. They clearly do not know anything about this.

You can withdraw from your 401k. Some plans require you have hardships (e.g. eviction) some plans do not require hardship; find out what you have but paying rent would seem it qualifies for hardship.

I don’t think Mango knows about investing because even leaving $30k in a 401k for 30 years and not contributing another cent would result in $228k by putting it in an snp500 fund at 7% growth (which is conservative)
you really dont understand what I said and you really have no idea about taxes, fees, penalties you get in this game. I never said you can not withdraw. tell me anything that I said about penalties, taxes...etc you find thats not correct? that shows your knowledge is zero. even OP knows more than you now lol

all I said and broke down how 401k scam works. many people dont know and even people who make you signup for this scam dont tell you all this. always read and understand first before you say anything but its better to stay quite if you have no idea. hahahahah
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#6
08-30-2023, 02:27 PM
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OP, like piano said you can do it from website and its very easy.
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#7
08-30-2023, 03:08 PM
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You have fail to explain why 401k is a scam.

You pay taxes on W2 income. Period. Either you pay it now (Roth) or defer it with 401k.

401k is a retirement account. If you are not using it as intended then there will be penalties. If you want free access to your money the open a traditional brokerage account.

Market trend overall has gone up. SnP 500 is way higher now than 30 years ago.

You do not pay taxes on 401k loan if you pay on time.

You still have not explained how $30k in a 401k invested now will remain only at $30k after retirement.

Again, you have no clue; But hey, stay poor. Good luck.

Quote:
Originally Posted by papi mango View Post
401k is the biggest scam. you can not withdraw until or unless you proof hardship. you can take your money after you retire but you still have to pay taxes. you dont know if you gonna make to your retirement. you dont know if market will be good until you retire. you can take a loan but money you pay back is after taxes. this is just losing game. its like lotto only one person will win out of millions.

what I have learned is if you are above 30 and already contributed to 401K then stop contributing. you should not contribute more than 30K. you will be lucky to get back 30k after retirement. but by that time value of 30k won't be the same. if you still want to contribute than dont contribute more than what your company match. for example if your company match 100% up to 5% than stick with 5% or below.

its huge scam friends. its better to keep that money in hands and use somewhere else now vs 99.9% of loosing your money after retirement. theres only 1 advantage with 401k is if you need to borrow money in an emergency and you have no other option than you can borrow your money without an issue. not all money lol but some but remember you are paying back after taxes. so you will pay more taxes or penalties on your own money depends on how you take it out.
Quote:
Originally Posted by papi mango View Post
you really dont understand what I said and you really have no idea about taxes, fees, penalties you get in this game. I never said you can not withdraw. tell me anything that I said about penalties, taxes...etc you find thats not correct? that shows your knowledge is zero. even OP knows more than you now lol

all I said and broke down how 401k scam works. many people dont know and even people who make you signup for this scam dont tell you all this. always read and understand first before you say anything but its better to stay quite if you have no idea. hahahahah
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Date delivered - 08/27/12 Routed to Vermont
Biometrics Scheduled and completed: 09/20/12
RFE notice: 10/24/12 ; Received by USCIS 11/26/12
Decision : Approved 01/05/13
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#8
08-30-2023, 03:12 PM
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Quote:
Originally Posted by papi mango View Post
401k is the biggest scam. you can not withdraw until or unless you proof hardship. you can take your money after you retire but you still have to pay taxes. you dont know if you gonna make to your retirement. you dont know if market will be good until you retire. you can take a loan but money you pay back is after taxes. this is just losing game. its like lotto only one person will win out of millions.

what I have learned is if you are above 30 and already contributed to 401K then stop contributing. you should not contribute more than 30K. you will be lucky to get back 30k after retirement. but by that time value of 30k won't be the same. if you still want to contribute than dont contribute more than what your company match. for example if your company match 100% up to 5% than stick with 5% or below.

its huge scam friends. its better to keep that money in hands and use somewhere else now vs 99.9% of loosing your money after retirement. theres only 1 advantage with 401k is if you need to borrow money in an emergency and you have no other option than you can borrow your money without an issue. not all money lol but some but remember you are paying back after taxes. so you will pay more taxes or penalties on your own money depends on how you take it out.
What a poor man’s mentality. You realize it’s a retirement account right? You could be a multi-millionaire by the time you retire just by matching the company match throughout your career

OP or anyone reading please don’t listen to this guy. He’s clearly poor.
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#9
08-30-2023, 03:52 PM
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Quote:
Originally Posted by DamLeon123 View Post
I am trying to take an early withdrawal from 401K. I know about all the penalties and taxes associated with and early withdrawal. I am only trying to take out a small portion. My 401k is with Fidelity and when I called them they said that I could only withdraw if I had a qualifying hardship. Long story short I am only trying to withdraw money for a moths rent as I am going on a leave of absence from my job for a month. I told them that I just needed a little bit taken out. I was under the assumption that if it was my money I would be able to take it out in great time on need. Are they allowed to do that?

On another completely different note. I have been taking melatonin for the last year non stop. I am getting this massive headaches and head pressure and tightness. I have been researching to see if melatonin is associated with headaches as a long term basis of using it, but I have found nothing conclusive. Has anyone that has taken melatonin long term experience this types of headaches? Thank you
You can look at your loan options. I’m pretty sure Fidelity has a general loan option. Just make sure you only take what you need.

The government placed rules against withdrawals because (1) they don’t want folks raiding their nest eggs & (2) they are giving you the ability to grow your money in a tax sheltered account with pre tax dollars.

Sure you pay taxes on your distributions when you retire but unless you are earning more money in retirement than during your working years, your tax rate at retirement will be lower than what it is today. 401ks are great way to build wealth despite what others on this forum say.

To discredit mango’s ridiculous post, just enter some numbers in this calculator https://www.ramseysolutions.com/reti...ent-calculator

If you’re 30 years old, have 30k in your 401k, contribute $6k per year, with a 8% return, your 401k will be $1.9 million at retirement while mango still has his 30k….
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#10
08-30-2023, 04:12 PM
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I will be very happy for you guys when you guys will retire and have multi millions in your 401k account. however, gallon of milk was a dollar and change two decades ago and now around five dollars. 30 years from now sure it will be less than five dollars hahahah what a joke.

you dont retire from any job anymore. you will be lucky if you can make more than 5 years in one company so goo luck with 401ks because artificial technology taking over you in every department everyday faster than you thinking.

dedollarisation*is not too far. open your eyes. dont stuck and wait for your green cards. invest in gold. buy gold because in few years gold will be your green card that will keep you going for some time.

best of luck to all
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