Im 20f and my dad 50M recently took out his 401k and he screwed himself over pretty bad with taxes. He took it out because he was unhappy in his workplace and he said the amount of money was going down anyway. He’s an immigrant and didn’t have a lot of knowledge about how everything works. He took everything out and didn’t put it into another retirement account. With taxes and the penalty for early retirement he went from around $400k to $220k. Its really frustrating but its to late to change what’s already happened but what would be his best move going forward to rebuild his retirement fund?
Submitted August 15, 2023 at 09:20PM by Wonderful-Trust4605 https://ift.tt/IgXChZx
