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REPORT ABUSIVE REPLY
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Message Subject
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How Many Are Close To A Breaking Point?
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Poster Handle
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Anonymous Coward |
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Post Content
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How would he lose all his retirement monies? Did he cash it all out to live on? Once you have money in a retirement plan it's yours. If the employer matches it great, but the 1/2 you put in is yours.
Not trying to argue, but it seems mighty strange to lose all that money. It probably isn't enough to live on but still.
Quoting: Anonymous Coward 70524770 Yes! Have him call the bank that ran his retirement plan. They will mail him a check for the full amount. He can cash and spend it, but the IRS knows about this money and will demand a 40% tax (30% tax and 10% penalty for early withdrawl). Open a new 401k account at a broker like TD Ameritrade and deposit the check there. He won't pay any taxes as long as the money is in another 401k. He can invest the money at the same broker and get extra money deposited to his personal bank account every month to pay bills and stuff.
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