Anyone here taken a 401k distribution through Fidelity? If so, what was the process like?
I'm really concerned things will spike again and more lockdowns will go into place. I'd really like to have more money stashed up just in case - and getting at the 401k without the penalty seems pretty attractive right now.
Dumb. Take it all out. You’re stupid if you think the economy won’t crash again. I’d rather have the money in hand and pay taxes over 3 years then let corporate America deplete my hard-earned money.
Don’t take it out unless you absolutely have to. Our stock is solid despite all the sh–. Yes we have traded higher at times but still. Our q3 and q4 earnings is going to be crazy because the company cut commission and will be saving millions, also with some of the workforce going PT that’s a savings too. We will suffer but the investors will profit
My returns have barely averaged above the company match in any given year and have always used their targeted retirement accounts in the last 12 years. My portfolio is almost exactly where it was pre-COVID today. Seems like a nice savings account at this point (with free money for 6%) If you think you'll need it, take it. If you get laid off after Jan1, you'll pay the 10% penalty if you decide that you need to use it then. Assuming you are not 59 1/2.
A million in 20 years is a nice haul especially since you most likely have less now than you did on Jan 1 , im in same mindset as you and i assume you have a much higher salary than i do to get to a million as im 1/3 of that with a few years less than you , seems 08 09 18 20 are all no gain years from what i can see, if you withdraw now its an absolute loss , until you close position its just on paper not realized
Are you nuts? Don't touch your 401k. You still get taxed like it is a comission check. I started my 401k when I joined Verizon in 2000. Now 20 years later, it is just under 1 million. Take adavantage of the free money match alwats. Never borrow or withdraw unless you are going to be homeless.
It’s super easy, and I’m right there with you. I did a partial withdrawal, but I have the same fears as you. I may take the entire balance out and sit on it until I feel it’s safe to reinvest.