mdebluz
Confused about dryer sheets
Hello,
I am very grateful to have found this site! Thanks to everyone who reads and participates. I feel like a drowning person who doesn't know what to do with the life preserver!!
I have a two part question.....I got a divorce about a month ago and will be getting the 401K and retirement settlement in a few weeks. I want to invest in a rental property that is a great bargain. However, I am told today that for every 10K I withdraw (at age 54) I will need to draw another 6,700 to cover the 10% penalty and to pay the taxes next year...
Wouldn't it be less than that if it is 10% and being in a 25% tax bracket??
I then found some websites that talk about the Self Directed IRA's. Does anyone have experience with them, and are they on the up and up and worth it?
Thanks for your input!!
I am very grateful to have found this site! Thanks to everyone who reads and participates. I feel like a drowning person who doesn't know what to do with the life preserver!!
I have a two part question.....I got a divorce about a month ago and will be getting the 401K and retirement settlement in a few weeks. I want to invest in a rental property that is a great bargain. However, I am told today that for every 10K I withdraw (at age 54) I will need to draw another 6,700 to cover the 10% penalty and to pay the taxes next year...
Wouldn't it be less than that if it is 10% and being in a 25% tax bracket??
I then found some websites that talk about the Self Directed IRA's. Does anyone have experience with them, and are they on the up and up and worth it?
Thanks for your input!!