Archive for December 2008
Are a traditional IRA and a 401(k) without an employer match basically the same thing?
Mark asked:
In other words, if we take the 401(k) employer match out of the comparison (either because the employer doesn’t offer a match, or because it’s already been maxed out), is there any significant difference between a 401(k) and a traditional IRA?
In other words, if we take the 401(k) employer match out of the comparison (either because the employer doesn’t offer a match, or because it’s already been maxed out), is there any significant difference between a 401(k) and a traditional IRA?
From what I understand, both have tax-free money going in, and get taxed on the distributions during retirement. So if there are differences, I don’t know what they are.
What is the least penalized way for an “under 55″ to cash out his 401(k) early without quitting your job?
thomasjbryant13 asked:
I am under 55, and I heavily contribute to my 401(k). I know, I know… the longterm outweighs the shortterm, but I need to withdraw basically everything in my fund to take care of some essentials. What is the best way to do that without suffering the huge penalties?
I am under 55, and I heavily contribute to my 401(k). I know, I know… the longterm outweighs the shortterm, but I need to withdraw basically everything in my fund to take care of some essentials. What is the best way to do that without suffering the huge penalties?