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Who else took a hit?

Who else took a hit?

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by: angiekaye Active Indicator LED Icon 16 OP 
~ 10 years ago   Jan 26, '14 2:06am  
With the stock taking a nose dive friday we lost over $5000 off our savings.  Who else?  Husband just took a loan against to pay off our house so we will gain a little off the self interest on that.  But we are wondering if we should take whats left and move it out of a 401k into something more stable..Thoughts? 4951
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SandyKnee Active Indicator LED Icon 12
~ 10 years ago   Jan 26, '14 8:10am  
[ Removed By Request ] 4951
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WskyTngoFxtrt Active Indicator LED Icon 10
~ 10 years ago   Jan 26, '14 8:39am  
Lost over 5k just on Friday alone. I'll ride it out. 4951
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BooBear Active Indicator LED Icon 16
~ 10 years ago   Jan 26, '14 8:54am  
Im not even going to look. We will leave everything. 4951
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TheTruthHurts Active Indicator LED Icon 12
~ 10 years ago   Jan 26, '14 9:02am  
Be very careful about taking stuff out of your 401k. Research what that entails and the rules. 4951
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GoldenGirl Active Indicator LED Icon 15
~ 10 years ago   Jan 26, '14 9:09am  
Invest for the long term...   The people who pull out of the market end up being the biggest losers in the long run......   See advice from a professional if needed. 4951
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mpjp0907 Active Indicator LED Icon 12
~ 10 years ago   Jan 26, '14 9:20am  
With the stock taking a nose dive friday we lost over $5000 off our savings.  Who else?  Husband just took a loan against to pay off our house so we will gain a little off the self interest on that.  But we are wondering if we should take whats left and move it out of a 401k into something more stable..Thoughts?
 
@angiekaye:
 
Be super careful taking out against your 401k. Hope your ready to pay some hefty taxes next year cus it will be a dosey. We absolutely had to when we moved down here and wasn't prepared for tax season and about died when I saw the amount we had to pay them. 4951
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ET Active Indicator LED Icon 17
~ 10 years ago   Jan 26, '14 9:22am  
Why take it out of the 401K?  Don't you have various investment choices some less volatile than others? If you are worried about day to day activities in the stock market, you probably should get into something else - it will drive you crazy.    4951
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GoldenGirl Active Indicator LED Icon 15
~ 10 years ago   Jan 26, '14 9:27am  
Dips are a normal thing in the stock market we were due for a pull back...I bet within a week it will swing back.  Unless you are already in your senior years you should leave the money alone....  If you are in you 20 or 30's you should now sweat it....heck even your 40's.  Watching it daily and watching the stock/news shows will drive you NUTS... 4951
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tatertot58 Active Indicator LED Icon 15
~ 10 years ago   Jan 26, '14 9:36am  

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>> With the stock taking a nose dive friday we lost over $5000 off our savings.  Who else?  Husband just took a loan against to pay off our house so we will gain a little off the self interest on that.  But we are wondering if we should take whats left and move it out of a 401k into something more stable..Thoughts?
 
@angiekaye:
 
Be super careful taking out against your 401k. Hope your ready to pay some hefty taxes next year cus it will be a dosey. We absolutely had to when we moved down here and wasn't prepared for tax season and about died when I saw the amount we had to pay them.
 
@mpjp0907: You do not have to pay any taxes when taking a loan against your 401K. Everything paid back, including interest goes to your account. I did this when I bought my house.
4951
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N+T Active Indicator LED Icon 14
~ 10 years ago   Jan 26, '14 9:55am  
Maybe change your investments with in your 401k. Bonds are lower risk than mutual funds. Not as much gain but not as much loss either. 4951
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thetarget9 Active Indicator LED Icon 4
~ 10 years ago   Jan 26, '14 10:47am  
Never take money out of a 401k.  The tax penalties will far outweigh the temporary loss.  Let it ride or change your investment strategy. 4951
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shodan66 Active Indicator LED Icon 15
~ 10 years ago   Jan 26, '14 11:20am  
taking a loan against your 401K
 
@tatertot58: I agree that taking a loan out against it is not an issue.  We've done that a couple of times.  OP indicated that they were going to take money completely out and move it somewhere else, not loan against.  When you do that, the taxes will bite you. 4951
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ctl74 Active Indicator LED Icon 10
~ 10 years ago   Jan 26, '14 11:48am  
Be very careful about taking stuff out of your 401k. Research what that entails and the rules.
@TheTruthHurts: Whatever you take out, you'll pay about 30% in taxes on. So, $9K early cash-in of 401K, you'll be owing about $3K on taxes next year.
 
I've got another 20-25 yrs, to see how the market plays out, so I'm not doing anything with my $ right now. I don't even look at my 401K, except quarterly. No sense getting myself worked up over it now. 4951
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TheTruthHurts Active Indicator LED Icon 12
~ 10 years ago   Jan 26, '14 12:20pm  

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>> Be very careful about taking stuff out of your 401k. Research what that entails and the rules.
@TheTruthHurts: Whatever you take out, you'll pay about 30% in taxes on. So, $9K early cash-in of 401K, you'll be owing about $3K on taxes next year.
 
I've got another 20-25 yrs, to see how the market plays out, so I'm not doing anything with my $ right now. I don't even look at my 401K, except quarterly. No sense getting myself worked up over it now.
 
@ctl74:
 

I know, that's why I told her to research everything. I looked into it once or twice and really, it's dumb unless there is some kind of emergency you can't avoid or have no choice. The fees and penalties make it almost totally cost prohibitive in a big way.
 
I think there are like 3 exclusions to the huge monetary hit, can't remember and she would need to check into that too.
 
I also had a friend borrow against his 401k through his employer. And that meant if he lost his job, he'd have to come up with all the money to pay off the loan immediately. 4951
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choclab Active Indicator LED Icon 3
~ 10 years ago   Jan 26, '14 12:55pm  
You didn't lose it till you sell it. I lost $200k....on paper. It always rebounds. Most stocks are up over 50% from BEFORE the 2008 crash and even more if you were shrewd enough to buy at the low. Its difficult, but ride it out. If you fret over the bumps in the stock market, you shouldn't be in it. 4951
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