I won't be emptying it, but it is the only way I will be able to get 20% down for the condo. Better to take a small beating on the 401k than to pay PMI for 15 years. If we get a decent offer on our house here I will get 1/3 of the capital gains, which I would use to fill this year's IRA and the rest back into the 401k.
Its not just the 10% penalty, its also the income tax on the added revenue you realize this year. Its also the unintended consequence of lost gains if the market has finally found its legs and moves higher.
What would be the point of a loan against the 401k? That would still be money I would have to pay back with interest. And no other options at this point.
10% penalty to the IRS goes away and the interest you pay on the loan goes to yourself.
Its better than taking an early withdrawal? There are no penalties nor tax implication nor opportunity costs, just more interest payments. Or just take a few hundred dollar a month hit and pay PMI for a couple of years while aggressively paying down the mortgage.
Because you are then avoiding PMI, the loan itself is coming from yourself and the interest you pay is also to yourself. Plus no 10% penalty, etc etc
When are you moving? February is the worst month and it’s cold as shit but we haven’t gotten more than 6 inches of snow all winter. North of the city got a bit more than south by me but two feet? Someone is fucking with you it’s nowhere near that.
Moving in 2 weeks. It looked like 2 feet in the backyard, but it was on facetime. So most likely looks worse than it is. Paying people to do it all. They can be cold, I didn't get to where I am now in life to suffer physically lol.
If this is your first actual winter up north, then just expect it is going to suck balls and not in a good way. The bright side is each one after the first will suck a little less. Its supposed to be 6 degrees here tomorrow. I will most likely break out a jacket from the closet.
Not gonna lie, I have a couple really nice coats and just want to actually wear one.
What are you talking about bro? Sounds like prime discount time if you're willing to wait a few to fix it as contractors get freed up.