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MichMan

(17,396 posts)

5. Had a ex co worker do that

Reply to Yo_Mama_Been_Loggin (Original post)

Sun Aug 17, 2025, 10:05 PM

Aug 2025

Company provided a base contribution in a 401k. He quit to go work somewhere else and since he hadn't contributed any of his own money decided to cash out and use it towards a old Chevy Nova hot rod. Said it was free money so why not. He was around 50 and had some type of treatable cancer at the time.

That was 15 years ago and I never saw him again

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Johonny

13 replies

= new reply since forum marked as read

Highlight:

An alarming number of workers cash out 401(k) plans [View all] Yo_Mama_Been_Loggin Aug 2025 OP

Yup, have to be hard up to do that. gab13by13 Aug 2025 #1

Yeah, this is scary Johnny2X2X Aug 2025 #2

Yep leftstreet Aug 2025 #3

Vast majority of 401k's this time next year will be worth a LOT less. roamer65 Aug 2025 #8

And three years from now it will be up by a lot more Renew Deal Aug 2025 #12

Probably. roamer65 Aug 2025 #13

and Republicans want to privatize Social Security Emile Aug 2025 #4

Had a ex co worker do that MichMan Aug 2025 #5

When your unemployed and only getting roughly $400 a week... Xolodno Aug 2025 #6

Home sales are at the lowest level in 30 years. Even lower than 2008 to 2010. roamer65 Aug 2025 #7

GenX is going to be so screwed in 10 to 15 years Johonny Aug 2025 #9

I do fear for my generation Johnny2X2X Aug 2025 #11

And after age 59 1/2, one still pays income tax on the withdrawal -- if a large withdrawal, it can boost one progree Aug 2025 #10