My situation is as follows: Single mom of 2 teenagers, the older one is a 17 yo high school senior who is planning for college, younger one is 14 yo high school freshman.
Each child receives 1100 per month in survivor benefits. This benefit ends at graduation in May 2019 for the older child.
I was laid off from my job of 13 years. I am trying to figure out a way to go back to school for BSN.
Late husband's 401k has $65,000 which I kept in his former employers plan. I am now ready to move the money but I am having a hard time figuring out what the wisest option is.
I own a home which I plan to sell sometime after my oldest goes to college. The house is in need of repairs before I am able to put it on the market.
I was thinking about cashing out the 401K to invest in the home repairs so hopefully the sale of my home will yield more profit.
I had read somewhere that a widow would not be subject to an early withdrawal penalty but will of course have to pay income tax. Is that true?
Also would it be possible to roll part of it into an IRA and part cashing out?
Submitted November 25, 2018 at 08:52PM by Leocancer22 https://ift.tt/2AiP9cG
