2022-10-22 - 9:34 a.m.
I never understood why anyone would want to roll over a traditional 401K into an IRA
Now I do"
"Impact on Unemployment Benefits
If you lose your job, you have the right to roll your 401(k) to a traditional IRA tax-free. You can then withdraw money from your IRA without reducing your unemployment benefits."
WHEW I am happy that the disbursement I took was from my IRA. I DID NOT roll over the 401K from the last employer! OOPS had I done so that would have been another source of income I could pull from which would not affect unemployment benefits.
What bothers me most is that if the system were EFFICIENT
It happened that I pulled from the IRA rather than the 401K funded by employer simply as my IRA is the only account that I had set up with stock trading and which I had ADDED my own money to and which was easy to get cash liquidity from.
I added my BONUS of $4000 at the end of last year to my IRA and bought some stock as thought "Why not"? Since I was in solid financial shape.
My stocks ( like most!) plummeted as the market was hit this year. That IRA lost value. (Alot!)
AH--- I pulled in order to pay my INSURANCE PREMIUMS...
*HA HA... of course...
Even though technically I was concerned FIRST about mortgage payment. ROOF overhead greater priority than insurance premium or doctors.
I mean for HEALTH First and foremost
Then the rest gets better I think.
(or at least not worse)
Law is also that at the end of the year I guess if pulled from IRA to pay health insurance premiums that amt is not taxed the extra tax.
If the amt of premiums is LESS than the amt pulled in they year then good and get a waiver from the penalty of pulling out before actual retirement.
SO I should be good on that point as well.
"Thank you for your patience" was making me LAUGH when on VEC calls. This AM reading that actually makes me angry. Honestly it lands like sarcastic just now emotionally. MAINLY CAUSE GOT ANOTHER LETTER ASKING ABOUT my "Employment" I have REPORTED all emp - 2022-10-25
Acessibility is oft overlooked; One day to get it right is Election Day! - 2022-10-24
Gotta knew when to GET IT DONE - 2022-10-24
Get out and vote please - 2022-10-24
Off to an event. Rambled just killing time I guess this AM. - 2022-10-24