I have used retirement calculators, with success. Has anyone heard of the "rule of three"? I worked for a company that had an ESOP program. Without penalty you could withdraw money in the fourth year, but only the first years money, etc.
Does anyone think thats a good strategic move in a retirement program If the person can do it?
2007-12-14 11:13:51 · 4 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
only if you're leaving it in a pre-tax investment vehicle. Never a good idea to cash out a retirement plan. I'd say the absolute only reasons would be early retirement or to pay for medical costs for current treatment of serious illness for a spouse or child.
2007-12-17 06:23:29 · answer #1 · answered by digdowndeepnseattle 6 · 0⤊ 0⤋
If the investment is not good for LEAVING the money in, your retirement money should not be in that investment at all. I personally don't like single stocks because the risk is too high for my taste. I have no clue what the 'rule of three' is.
2007-12-14 20:10:06 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
you wont get a penelty but you will get a 1099 at the end of the year and have to pay a capitol gains tax on the money you withdrew.
2007-12-14 19:25:51 · answer #3 · answered by Megan 3 · 1⤊ 0⤋
yes take it and pay the taxes and put it in a roth ira!!!
2007-12-18 10:15:25 · answer #4 · answered by mister ed 7 · 0⤊ 0⤋