Why you should not take equity out or dump your 401 K to take super expensive hunts.

[TheWhitetailNut]

I’ll tell you something else, I have friends that never saved or planned for retirement (YOLO) and they made some of the same arguments as this thread

But once they hit their late 50s or early 60s, almost all of them are deeply scared of their situation. They are looking at their social security and savings and trying to figure out how to pay taxes, put a roof over their head, and feed themselves. Maybe keep a car and pay car insurance

Truly, has to be a horrifying situation to be in and all of the Alaska memories in the world can’t help you then

Also true, we have hundreds of seniors a year that cant afford to get their furnace fixed or replaced.

 

[Mike D Texas]

Not true at all. Many 401K's have a very low/no interest loan option. This is much more appealing than triggering a taxable event in a brokerage account or liquidating business assets or other investments. If they just took the money out that's another thing because of relevant penalties and is outside the realm of sensible.

Depending on the big picture one should weigh if this is a better option than a HELOC.

Possibly but the penalties for early withdrawal and the loss of gains on the money removed have to be considered.


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[TheWhitetailNut]

Possibly but the penalties for early withdrawal and the loss of gains on the money removed have to be considered.


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That's what I said....

 

[bz_711]

I've got 13 Bighorn Sheep points...do I need my wife's signature to access my 401k?

J/K

Luckily deer and elk are enough to keep me motivated at the time...and 4 teenage kids will also keep me humble in my spending for the next 10yrs.
If you do drain your 401k and shoot that ram...please share pics and story...I love reading them all!