Cashing Out Your 401k? [Avoid This 30% Penalty]

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Title	:	Cashing Out Your 401k? [Avoid This 30% Penalty]
Lasting	:	10.04
Date of publication	:
Views	:	116 rb

We hope you got a lot out of this video Please note, there may be comments and questions we cannot answer because we cannot and will not offer specific investment advice brbrMAKE SURE TO WATCH:brbr⭐Should I Continue Funding My 401k: youtube/5BuFHyMEdqEbrbr⭐Diversify Your 401k: Maximize Your Portfolio and Protect Your Savings youtube/gMGre1cy7FUbrbr⭐401k Loans: Beware of Double Taxation [Investors BEWARE] youtube/SWf5PDTxa-Ibrbr⭐PROTECT Your 401(k) in a Volatile Market youtube/6lgo_DwwMcg
Comment from : @StopBeingSoldMedia

Iam in India and left 401k as it is ,now iam 59 and half years old, amount in my account is less than 60kbrHow much tax do I need to pay
Comment from : @Allas61

Not like when you reach 60 You're going to pay taxes on it anyway I'm cashing out
Comment from : @OK-uu8cc

Thank you No lie, the government is cheating us all
Comment from : @christineking4387

I’d rather withdraw and invest why wait till I’m old just to possibly die and for the irs to keep it no thank you
Comment from : @jerryfuentes3100

My previous company offered me the opportunity to cash out my retirement money about 7800 I have CC deny that I need to pay I’m not sure if I should put it in my current 401k, or just cash the check and get taxed the 10? I’m 46, gross annually 65,000 Will I be taxed 30 like you mentioned in your video? I don’t know what to do?
Comment from : @RJ-dd4lj

How about doing a roll over from a 401k to a Roth IRA is there any penalty before 59 1/2
Comment from : @lannyyeakle8826

I have to take from my retirement to do an open heart surgery and have no income Would that qualify under hardship withdrawal?
Comment from : @smilinjoe23

New roof on a house & paying off credit cards count as Hardship?
Comment from : @justme2

The American system is only good at taking money from people and not giving, very wicked system
Comment from : @kay6257

My vanguard’s 401k only allows hardship withdrawals🤦
Comment from : @edgardoamado7008

401k withdrawal penalties is a total BS It’s my savings, I should be able to access it when I need to without any penalties or anything This needs to change
Comment from : @soul3581

Im only 23 but left my job and want my 401K now I don’t plan on saving for retirement this early in my life, but I want as much of that back as possible
Comment from : @Haynxs

Why did you waste your breath on financial hard ship if you still say you’re paying 20 clown?
Comment from : @travisarner3541

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money I started investing with $120k and in the first 2 months , my portfolio was reading $274,800 Crazy right!, I decided to reinvest my profit and gets more interesting For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family
Comment from : @EliaszPass

Same for a 401k loan ?
Comment from : @rict4938

Lately I've been contemplating retirement, uncertain whether my 401(k) and IRA will ensure a secure future I've also invested $800K in the stock market, experiencing fluctuations without substantial gains
Comment from : @nicolasbenson009

Stop yapping and tell us the method , you guys talk too much just get straight to the method already
Comment from : @msfkush1903

So if I'm hearing this right, you get taxed on the withdrawal two separate times? Can somebody confirm that?
Comment from : @dynamicphotography_

It’s a 10 penalty Period
Comment from : @aajohnsoutube

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money I started investing with $120k and in the first 2 months , my portfolio was reading $274,800 Crazy right!, I decided to reinvest my profit and gets more interesting For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family
Comment from : @temmyolarewaju9371

Question- If I retire can I leave most of my 401k alone in my account or do they force you to take all your money out since you are no longer employed there ?
Comment from : @BUDWEIZER777

Wow didn't even mention rolling over to a roth IRA
Comment from : @s13tunerz53

Withdrawal of 15k is treated as a gross-up with my administrator So I’d be cashing out 15k and reducing my 401k vesting by over 18k
Comment from : @cw3485

Does it make any difference if you no longer work for the company you got it from?
Comment from : @jeremyclark3049

I just wanna know how to sell…
Comment from : @Trezn

I believe the retirement crisis will get even worse Many struggle to save due to low wages, rising prices, and exorbitant rents With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement as well
Comment from : @johntnguyen9917

Question do I get tax or penalty for allocating between fund, example I move my 401k from c fund (risky) to G fund (safer low risk)…
Comment from : @Virakouch99

Roth IRA better?
Comment from : @gizzelleboccia1806

WHat if you are experiencing hardship and your employer has refused to give you a raise and wont promote you the years youve been working therre?? These regulations are such BS They keep you a slave when its your money but penalize you for taking YOUR f'ng money out because your employer is a greedy bas**rd!!!
Comment from : @proverbsgal

When a couple is getting divorced does the spouse that is getting the half of that 401k get penalized? brbrTIA
Comment from : @adrianahuston955

People also want to transfer their 401k money into precious metals
Comment from : @DavesArtRoom

What about the, “ how to avoid losing 20 “brYou didn’t go over that lol 😅
Comment from : @azaafamily

And here I am I wouldn't be here if I wasn't able to lose everything It has to be done
Comment from : @elijahshabazz1806

If I was laid off from my job in late 2022, got a final paycheck in 2023 and turned 55 years old in 2023 I withdrew some of my 401K funds in 2023 and I filed my taxes with the 10 penalty fee I have still not obtained employment as of June 15th, 2024 Can I file an amended 2023 return to get back this 10 fee?
Comment from : @colemanwt

Fraud, really? For your money that you worked for😮
Comment from : @ROARofaLion

This is boomer tier advice
Comment from : @ajaxs7888

70 percent is better than zero 😂
Comment from : @ajaxs7888

Some 401ks don't allow early withdrawals
Comment from : @JohnyBoatJZ610

401ks are literally a complete scam for the government to steal even more money from working class citizens I keep telling folks this The best retirement accounts is either a Roth IRA or an IUL by far Those are literally the only retirement accounts worth putting money in
Comment from : @peaceful4you408

Michelle’s voice! 😍😍😤
Comment from : @RatedFlyBizzy

IRS is a joke
Comment from : @brentbeatty4171

The market is going to collapse I want to invest in real estate just tell me how to get my money out of the scam I’ve been lead into The fact that it’s this difficult to get YOUR money out of it tells you it’s a scam
Comment from : @codycoldbrewski572

Spend your entire working life putting money into a 401(k) with your money just to be told it’s really not your money and you can’t have it whenever you want it without being heavily taxed if you want to get it early Sounds like a scam to me I will be withdrawing all of my money from my 401(k) and will be investing myself
Comment from : @WicKeTZoRz

Would y’all take the 401k if you’re leaving the US and moving to another country ?
Comment from : @4x4no3zy8

Yep $250K in taxes made me sick😂
Comment from : @rnp1785

My 401k has gone down a few thousand over the past few months
Comment from : @tonygareth221

Click bait
Comment from : @stepchild5453

30 is better than 100
Comment from : @paulboring9053

By the time my generation that are in their 20s retire its going to be a different currency and all dollars now are ones and zeroes so whos to say that a EMP won't reset all data and US debts, retirements, and refunds will be gone and be able to start over under a new United Nation of America
Comment from : @rjbravo77

The game is rigged, I'm cashing out and putting it all on BTC, screw the USA Great vidoe
Comment from : @SlackersIndustry

401K is a SHAM
Comment from : @mikem4432

What if you lost your job, and 60 years old?
Comment from : @mikem4432

No matter what, income taxes will be paid as soon as you withdraw it Before or after 595
Comment from : @Aquintanany

What about the Roth I have a few thousand in the Roth I can take it whenever I want It’s already been taxed? Biden new 20 says you can take 1000 every year now without any taxes or penalties?
Comment from : @jerrylockhart3069

Seriously making more in Crypto, considering taking a large chunk out of 401k and even with 30 tax I still plan on making that up plus more than I’ve made in the last 5years! IDK
Comment from : @billyazprospector

This is some BS, you might as well take your money out of that trap………Buy & sale some drugs 😂😂😂😂😂😂😂😂😂😂
Comment from : @patrick8198

The Banksters have all their bases covered I see😑
Comment from : @rustysruger

I have a question so I got money from my 401k but they gave me the option to pay it back at my job so I’m doing that from each paycheck they take out the money but will I still get penalty and pay that 10 or 30 I’m just so lost
Comment from : @georginagalaviz9200

FALSE TITLE AND WASTE OF 10 MINUTES
Comment from : @razorsedge449

I watch several YouTube videos on how to trade in the stock market but haven't made any head start because they are either talking some gibberish or sharing their story of how they made it and I do not want to make mistakes by taking risks in my own hands
Comment from : @queenidowu13

I like how you guys get to the point and you get the information out very clearly
Comment from : @dakaraiwilliams89

Im trying to take 4000$ from my 401k , I have a business idea to make double that every 2 months Better than 401k
Comment from : @maximumlegends7811

All this just to get your money? Take your money and pay the fee Simple
Comment from : @antbeanz5

Is this an opportune moment to invest in stocks? What's the expected recovery timeline? I understand that many people believe equities are currently undervalued However, there are strategies in play in this market that aren't easily accessible to the average person Should I consider alternative investment options that may be more suitable for me?
Comment from : @BryanMcCann-ks9jh

I don’t think I will ever see mines🥴
Comment from : @hemihavoc06

If you have IRA money set at the bank do you get your interest?
Comment from : @NINI-kj4xe

What an absolute scam the IRS is Greedy pigs
Comment from : @HXNDRO222

Thank you for the videobrLets assume I have $300K in 401K and I will stop working in 2024 and I am not even close to 595 age groupbrIf I withdraw $25K from 401K in January 2024 and have no other income in that financial year, I will owe no taxes to IRS because technically my taxable income would be zero after getting standard deduction Therefore, 20 deducted by IRS will be claimed by filing tax return in 2025 However, I will still be paying $2500 in penalties which is 10 of $25K Am I correct?
Comment from : @prithviraj3157

401ks are such a bankers scam! "Dont touch it!! Demons will come eat your face off!" Screw wall street Buy land
Comment from : @the3lewisgirls

If you get let go from your job , do you still have to pay the penalty?
Comment from : @edgardoamado7008

So many of these post try to talk people out of the thing they've come here to learn to dobrSuggestion: Start with the premise that a person is going to cash out their 401k, not that they want you to convince them not to
Comment from : @ask_why000

My ex employer said because I was terminated after 3/31/23 plan year end, they can not process my contribution until march 2024 he said they haven't done their evaluations I need that money now And rolled over my 401k from my previous employer before this one Can they do that?
Comment from : @sandybeebee6511

I’d be curious if I am over 55 and my company is bought out so now new company owns the old company does that work in my favor if I wanna cash out my 401(k) is that like me leaving my job
Comment from : @Ncaa67

Im 28 and have about 20k in my 401k from my previous employer Currently I’m unemployed but need access to funds to pay a high interest loan Would SEPP be the best viable option?
Comment from : @gersongarcia4556