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Unfortunately, if you use a 401k you can't touch it for quite a while. Time is an important variable. There's no point in becoming a millionaire at the very e
by johnrob 12y ago
Unfortunately, if you use a 401k you can't touch it for quite a while. Time is an important variable. There's no point in becoming a millionaire at the very end of your life (to use an extreme example).
- jcdavis 12y ago401k allows withdrawls at 59.5, which isn't all that late. Anyone planning an earlier retirement is very likely to be investing in normally-taxed accounts in addition (due to 401k caps), which can they draw from before that. Plus Roth IRAs also allow some flexibility in terms of early withdrawls.
- mahyarm 12y agoYou can use 401k's as a tax deferral even with the penalty if your current income is high enough.