Mystery Woman

Tell us more for better jobs, advice
and connections

YOUR GROUPS

Discover and join groups with like-minded women who share your interests, profession, and lifestyle.

COMPANIES YOU FOLLOW

Get alerted when there are new employee reviews.

YOUR JOB ALERTS

Get notified when new jobs are posted.

Your post is published!

Anonymous

03/28/20 at 10:20AM UTC

Money

Would you tap into your retirement money?

I'm seeing for a limited time, Americans might be able to withdraw money from tax-deferred accounts without penalties under a stimulus package approved by the Senate (pending a vote in the House). "Rules on 401(k) loans would also be relaxed, and some retirees would avoid so-called required minimum distribution, or RMD, rules that might have been onerous." -- If this passes, would you be interested in tapping into your 401k?

Join the conversation...

Francesca Vanderwall

610

04/03/20 at 6:47PM UTC

This is a GREAT article explaining the reasons why a 401K loan are problematic. But lmk if you have questions about your situation; I'm a financial advisor and some of my clients have contemplated the same thing. https://www.investopedia.com/articles/retirement/06/eightreasons401k.asp

Anonymous

04/07/20 at 9:08PM UTC

LOVE! Thanks for sharing!

Susan Garrison

03/29/20 at 1:54PM UTC

I have an IRA from a recently previous employer. Their fund is currently around $9 per share. It has not been contributed to since Dec 2020. I also have a common stock investment account. It is currently $32.xx per share. Does anyone know if I can roll over to a common stock without facing penalties? Also this may seem basic to some but is it not better to have your money in the fund that is paying more? I have posed this question to several finacial advisors but no has given me a direct answer to date.

Francesca Vanderwall

610

04/03/20 at 6:37PM UTC

Hi Susan. An IRA can be rolled into an IRA with another firm with no penalties. However, you may face expenses with your new provider on reinvesting the money; you might also have to liquidate the fund holdings before the rollover. I'd suggest focusing more on having a well-diversified portfolio that is built to weather market declines like we are currently experiencing. I'm sorry to hear that no one has given you a direct answer until now. This seems like a straightforward question (albeit with a few details missing, but that's natural for an online message board.) Hit me up if there's anything else I can help you with.

JamieJacobs

710

03/28/20 at 11:56AM UTC

I've been considering this is it becomes an option. But I'm incredibly hesitant.

Ceci

1.91k

03/28/20 at 11:05AM UTC

I also hope to not touch my retirement but I understand how it might be a necessity at this time. Interesting question!

Jackie Ghedine

5.74k

Coach for Gen X Women | Jack Russell of Humans

03/28/20 at 10:31AM UTC

This is a great question because people should really give themselves time to think about what that would mean for them long and short term. Everyone is different and so are their financial situations. Personally, I would not touch it. Retirement is hard enough if you prepare and safe, so many people struggle. I've put money away since my first adult paycheck and I won't touch it. That's just me.