All Forum Posts by: Curtis Cutler
Curtis Cutler has started 1 posts and replied 2 times.
Post: cashing in 401k? rethinking retirement.
- Posts 2
- Votes 1
Quote from @Jonathan Bock:
Quote from @Curtis Cutler:
Hello all, I'm trying to rethink my retirement plans. I lived in NYC and worked for the city until I was terminated for not taking the covid vaccine. There's a lot more to the story. We had to move to SC. I have a 401k/457 sitting there as stagnant money in NYC. About 90k that will be taxed at 40% if I take it now. If I transfer the money to my current job I cant barrow from it. I also can take out a home equity line of credit on my current home....but I need direction.
I'm thinking long term rentals will be a good retirement plan. I'm 45 years old.
Are you expecting a settlement from the city for termination?
You have a lot going on and if you had a 457 you were a highly compensated EE.
I love me some real estate but just owning LTR is not a retirement plan.
Take your time and really think through your purpose and perspective before making a move.
Do an actual tax projection first before jumping to conclusions. You can do this yourself or find a professional to help on BP.
Thanks for the response. I am currently in a state suit ( which we won). We were told to Go back to work and receive back pay. The SI supreme court Ruled the mandates arbitrary and capricious... NYC continues to appeal.
Also a federal suit...I was Denied a religous exemption despite being a clergy member.
They owe me 3 years at 100k a year.
Post: cashing in 401k? rethinking retirement.
- Posts 2
- Votes 1
Hello all, I'm trying to rethink my retirement plans. I lived in NYC and worked for the city until I was terminated for not taking the covid vaccine. There's a lot more to the story. We had to move to SC. I have a 401k/457 sitting there as stagnant money in NYC. About 90k that will be taxed at 40% if I take it now. If I transfer the money to my current job I cant barrow from it. I also can take out a home equity line of credit on my current home....but I need direction.
I'm thinking long term rentals will be a good retirement plan. I'm 45 years old.