How AI Legalese Decoder Simplifies the Process of a $180K USD 401(k) Withdrawal or Rollover
- April 3, 2024
- Posted by: legaleseblogger
- Category: Related News
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AI Legalese Decoder Can Help with Retirement Planning
## Introduction
Hello! I recently switched jobs, and will now be contributing to a pension plan that has a guaranteed payout formula (of course assuming it doesn’t go bankrupt by the time I retire).
## Current Financial Situation
Anyways, I was contributing to a 401(k) at my old job, and now have to withdraw or roll over that account into a self-managed rollover 401(k). I understand that Withdrawing it will cause me to pay maybe 40% of it in taxes, but it still leaves a good chunk of money to get started with real estate investing or YMAX.
## Decision Making Process
Because I already have a pension, I feel like this money I can be aggressive with, I’m leaning towards withdrawing the $180k, and getting into real estate, or dividend income. An alternative is to roll it over, and invest in VTI or a target retirement fund and just let it sit there. This is safer but the money is locked until 59.5. If I go this route, I will convert $20k of it every year into a ROTH IRA to let it grow tax-free. (I’m 32 years old).
## Personal Context
For extra context, I live in CA, I own a home, married, 2 kids. The house will be paid off by the time I retire. My intent is to diversify retirement. I plan to have a ROTH account, my pension, SS.
## Seeking Advice
Good people of Reddit, please advise. Thank you!
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AI Legalese Decoder: Simplifying Legal Jargon
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FREE Legal Document translation
Roll it over to an IRA and let it sit/grow.
There are ways to access it before 59.5 if you need to. (Roth conversion ladder, rule 72t, pay penalty).
WHATEVER YOU DO DONT WITHDRAWL
Why don’t you just want to leave it in place?
Definitely don’t withdraw it, that’s a terrible idea.
If you leave it alone it should be worth about $1.2M when you retire (adjusted for inflation)
Just do the real estate inside the 401K if that’s what you really want to invest in.
Why would a rollover cost you 40% in taxes?