Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

General Discussion

Common Sense Party

(14,139 posts)

10. There is a 10% penalty for early withdrawal, not 30%.

Reply to CoffeeCat (Reply #7)

Sun Jun 10, 2012, 03:13 PM

Jun 2012

You'll have to pay regular income taxes regardless of when you take it out.

There should be a place on your 401(k) website that discloses the fees.

If not, n a couple months, you're going to get more information on fees than you ever wanted to know, due to the new regs.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

20 replies

= new reply since forum marked as read

Highlight:

The 401(k) System: Great for Wall Street, Bad for Retirees [View all] NNN0LHI Jun 2012 OP

This fraud is nothing new Cary Jun 2012 #1

With mutual fund fees, I get a prospectus and an annual report, two publications each year, Common Sense Party Jun 2012 #9

Are you sure? Cary Jun 2012 #11

Are you also reading the SAI? Paulie Jun 2012 #14

I'm not reading the SAI because I'm not buying funds. Cary Jun 2012 #18

* and Cheney wanted to convert Social Security to a gian 401(k) account. no_hypocrisy Jun 2012 #2

Many people are gradually wising up to the way Wall Street is rigged Mairead Jun 2012 #3

K&R. Another fraud we were warned about over and over again. n/t Egalitarian Thug Jun 2012 #4

Could you use and extra $155,000 when you retire? KansDem Jun 2012 #5

not surprising as they were meant to benefit mopinko Jun 2012 #6

Yes, so many have dipped into their 401ks... CoffeeCat Jun 2012 #7

There is a 10% penalty for early withdrawal, not 30%. Common Sense Party Jun 2012 #10

There should be no problem when more people are withdrawing from 401(k) than contributing. ieoeja Jun 2012 #19

All my money is tied up in mattresses. RagAss Jun 2012 #8

The methodology for this "study" is highy suspect. JoePhilly Jun 2012 #12

Finally. I've been saying this over and over and over. JDPriestly Jun 2012 #13

Yep, but try getting the money out of Wall Street now. shcrane71 Jun 2012 #15

This is all about interest alignment mick063 Jun 2012 #16

Yes, I do FreeJoe Jun 2012 #17

I remember looking into this many years ago. airplaneman Jun 2012 #20