I want to liquidate my entire 401K

[NY Disney fan]

Does anyone feel like liquidating their entire 401K to either go back to school, open an orphange or pursue a worthwhile dream? (or am I the only one? )

 

[msmayor]

Heck no. I want to be able to live comfortably and travel when DH and I retire, so that money is staying put.

We would have to be completely wiped out of all other resources and on our way to homelessness to tap the 401(k).

 

[Traveliz]

Does anyone feel like liquidating their entire 401K to either go back to school, open an orphange or pursue a worthwhile dream? (or am I the only one? )

Heck no. I want to be able to live comfortably and travel when DH and I retire, so that money is staying put.

We would have to be completely wiped out of all other resources and on our way to homelessness to tap the 401(k).

Sure I do - in fact I was just thinking about it this morning.

But of course even though I feel like it I know better.

We don't always have to think sensibly - just have to act that way.

Liz

 

[mrsklamc]

What do you mean by 'feel like?'

Are you serious or just dreaming?

I 'feel like' walking out on my job and going on a world cruise but I'm not going to because that would be stupid.

 

[okeydokey]

No, I'm good.

 

[FINFAN]

sad part for us is the sorry state our 401K is in...pretty sure at the cost of college it would not cover all the expenses. How sad is THAT? I admire your outlook tho..I have seen too many people pass away within a few years of retiring, makes me think about living while I'm alive.

 

[Ka' eo]

You can do some of that without touching the 401k! Going back to school is a major investment, but so worth it! I invested in school for 2 years and 50k in stu loans. I paid them back in 8 years, lived meagerly while in grad school and now make 50k working 35 weeks a year, which is 3/5 time. Given I live in the boonies, and our COLA is lower, I'm doing pretty well!

I say, go for school, even if you were just dreamin'.

 

[Planogirl]

I can understand the itch to do something amazing but can you do so without using your 401K? Our savings isn't great either right now but hopefully as the economy improves so will the accounts.

 

[blanq]

I can tell you I have no desire to open an orphanage. I can hardly handle the 16 year old that God gave me. I have dreams but not of them are worthwile enough to dump my 6 figure 401K. School? Ehhh. Been there. Done that. So, I guess I'm good.

 

[Pakey]

I'm good too. I have other liquid savings that I can use for other pursuits; the 401k stays as is.

 

[Ka' eo]

I can tell you I have no desire to open an orphanage. I can hardly handle the 16 year old that God gave me.

I can relate.

I dream of taking my kids out of school and homeschooling while sailing for a year or two, and then move the homeschool over to Europe, stopping in DP. We would of course have to start in Florida.

 

[nunzia]

Sure I do - in fact I was just thinking about it this morning.

But of course even though I feel like it I know better.

We don't always have to think sensibly - just have to act that way.

Liz

Well said...

 

[ceecee]

I feel like keeping my 401K for my retirement, oh yeah...that's what it's for.

 

[cats mom]

sad part for us is the sorry state our 401K is in...pretty sure at the cost of college it would not cover all the expenses. How sad is THAT?

Ain't that the truth. We're funding college out of our regular budget right now while the college fund sits untouched. Why? We just can't bring ourselves to cash it out at it's current value. We're watching as it ever so slowly creeps back up over the dismal lows of the last year or two, and hoping for the best.

But raid the 401K... nope, not a temptation.

 

[Acklander]

do they still have orphanages????

 

[TnTWalter]

NO because of the huge HIT you take if you're not at retirement age.

It's fun to dream but dream with lottery money or something...

And start saving saving saving for the orphanage or college, etc. It can be done...best of luck!

Happy dreaming!

Trish

 

[amyy]

I did just that when I went back to school a few years ago. Plus I still ended up borrowing about $45,000 (I had a really small 401K). I guess I wouldn't change a thing as I am a lot happier now. The student loan payments/interest really suck.

 

[SandrA9810]

I've been tempted to touch my 401k, it's extremely small as I only added to it for one year. But to see it grow over the past year (from an amount that was less than what I put in), it makes me not want to touch it.
If I took it out now, I'd only be breaking even, and it really wouldn't get me that far.

 

[Allison]

No, no way.

 

[PatsMom]

No, I have never been tempted to cash in my 401(k). Not that you usually can while you are still employed by the company that sponsors the plan. And after you leave the employer, you really should be considering rolling it over into an IRA since you will usually have wider and less expensive investment options.