This actually happened yesterday. Last July my boss sold her company to another company. I had $9000 in a retirement account with my old company. When we switched companies I decided to cash some of it in and roll over the rest into a 401K with my new company. I wanted $4500 cash but it cost me a $1000 in early withdrawal penalties.
I started the process last September and because of mistakes and miscommunications it’s taken until now to get my money.
But yesterday I was checking my bank account online and I saw a lump sum of $4500 that was direct deposited into my account. Finally!! Now I need to finish the process of rolling over the remaining $3500 into a new 401K.
Now I have to pay off $2500 in credit card debt but I just got my tax refund so with my pension money and my tax refund I will have a total of $2500 to do whatever I want with.
Ah, what wonderful pleasant additions to your life you can purchase with that “moo-lah!”
I keep my hopes up about a healthy stock market.
I’m not planning on buying any luxuries. Maybe a CD here and there. I’m going to make it last and use it to stay out of debt.
Don’t forget to save some for taxes. There are not only early withdrawal penalties but the withdrawal is treated as income for which tax is due. I hope they withheld the tax for you.
Very good thinking; but, you should at least splurge on a couple of things you want- “within reason-that is.”
Yeah, I am going to call about that. Even if there are taxes next year I’m sure that the money I will be due from my tax refund from my job will cover it.
Yeah, you’re right. I shouldn’t have any trouble finding something to buy! Whether it’s now; or a month from now.
I remember hearing that song on the radio all the time.
no money no problem more money more problem …thats why i am in safe side. though u have to save ur hard earn money…anyway…s
I just like spending it. To me saving money is like buying a gun that just sits there in a drawer or somewhere for personal defense. but it’s only good for one thing really and it would just cause me worry like thinking someone would find it and steal it and possible kill someone with it. Like our money isn’t even safe when it’s in the bank because of identity thieves’.
always remember…money is good servant but bad master…
I was taught that we are eventually suppose to have our money “work for us” later on in life after “working for It” to save enough to do so when we reach retirement age, as in investing it in the stock market or buying a house to fix up then renting it out.