Colli Real Estate

Received $8400 401(a) refund; am 58. Need $$ for new B&B business. Roll over or take a direct refund?

I plan to work until they kick me out. In meantime, am opening a B&B in a couple years and it needs furnishings. I live paycheck to paycheck, have no credit card debt, a piddling savings account, largish mortgage (completely okay and up-to-date – solid university employment I hope); so cash is hard to come by. I hope income from B&B would offset the $1700 taxes in a couple of years after opening. Still – 20% taxes on this is depressing. What to do?

Roll over ALL or part of this 401k. It’s your future.
Don’t confuse withholdning with tax. You file a tax return to figure out the tax.
You lose 10% penalty, plus tax at current tax rate, 20%? If so you lose 30% by taking early withdrawal. Wait until 59 1/2 to take any withdrawal as you’re almost there. ROLL over!!!

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