Wednesday, February 20, 2013

Cashing out a Roth 401k

Well I have the 401k, plus a separate IRA (that has its own limits for annual deposits and income) as well as a few checking/savings accounts as backup/immediate funds.

I guess I'm just someone who sees how much there is to know out there, and I want to know it all. I want to know everything there is to know about how best to manage my 401k but it seems a little daunting to me. I don't want to make mistakes. So I picked the "retirement" fund and basically let someone else manage it.

I want to know everything there is to know about subject to, land contracts, land trusts, etc. I found the BP forum and have been digesting everything I absolutely can. I wanted to know more about what Section 8 was and how it worked so I bought books and read everything I can online.

It can be overwhelming to want to know everything and not have the time to learn it all. (Or learn it as fast as I want to learn it.)

I have heard about being able to take out a loan on a 401k but wasn't sure if that was available with a Roth 401k or just a traditional 401k. Since the Roth is after-tax contributions, does that mean that if I take a loan out, I won't be taxed again?

I thought that financial advisers were supposed to be able to help me with these things. I met with one years ago. He asked me what my monthly expenses were. I gave him a number. He didn't believe me and had me list out everything line by line on a 'worksheet'. It added up to the number I originally told him. Then he tried to sell me insurance.

I met with another financial adviser about a year ago. (Him and his supervisor.) They said I was doing everything "right" (other than I didn't have a will) and then tried to sell me insurance.

I don't think I'm getting the right advise for what I want to do but I'm not sure who to contact or what I should research to learn more. I'm willing to put in the time but feel as though I don't know which way to turn.


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