DOW 20k!!! - the investing thread

I think after you request a disbursement there is something like 30 or 60 days until you get it?

You're young yet, there will be time to recover.

 

Top news of the day:
-the stock market is tanking
-covid 19 is spreading
-someone wrote a paper check

 

I'm not sure. Need to talk to the financial advisor and see what he has to say.

Hopefully, the market will continue to rebound.

 

Watch out about accepting a check. It can get counted as a distribution, and you get taxed. Much better to have the funds transferred electronically between the old account and the new account, so you never touch it.

 

If you do get a check, you will need to show the deposit into a "qualified account" for tax purposes. Just another form at tax time.

Technically, I think anything that is removed or even when an account is closed, it is referred to as a distribution. IRS just wants to know if it went into another retirement plan or if it was used as income. If used as income, not only will you pay the normally applicable tax rates (state, federal, city) but you will additionally pay if you are underage.... 59 1/2...…... and that one is 10%!

 

What a specious argument.
What would his land be worth if a major fire came thru and killed everything on it ?
What's it worth if there is a great depression and no one can afford it.
Owning land has risk just as improved real estate or even a REIT do. There are pros and cons to everything if you look for them.

 

You have a grace period just like with capital gains on your primary home. I would have to ask my tax lady how long a period of time it is. Cashing it and swimming in it on your bed could set off money laundering alarms.

 

Wife and I have decided to buy an “up north” cabin. We have talked about it for years. I have the needed funds sitting in a .75% savings account. That is hard to fathom when my mutual fund group made 30% in 2019 and hers made 23%. .75 sucks but if we have any luck cabin hunting it won’t be in there long,,

 

You still own the same number of equities. Transfer them ASAP. I've lost 401K contents to corporate raiding .

 

Enjoy it while you can....................................

 

If you know anything about Phil, you'll know that money and worrying about it is not near the top of HIS priority list especially since he has enough padding to enjoy that position.

 

I don't know Phil. It's still a specious argument. Land is still an equity and is only worth what someone else will pay for it. Someone else could get just as much enjoyment out of a drawer full of gold bars in a safe deposit box. Land certainly is a very tangible equity.

 

At last count, he supposedly had about 10,000 acres of Louisiana swamp land which fits his needs and life style to a tee. He founded Duck Commander which turned into a multi- million $$$$$ enterprise. Now he is able to enjoy it all since retiring to preaching and Duck Hunting, his main priorities.

 

embarrassed to say I had to google him
he is a tv star google told me

 

Coronavirus fears hit the market hard: see the link below

The deep declines in the U.S. stock market over the last three weeks has left a dent in retirement portfolios and brokerage accounts, costing on average each person in the United States around $16,000 as of Monday's close. When the market fell 7.6% on Monday, the average person became poorer by $5,682

Analysis: Coronavirus fears hit the market hard. How much did ordinary Americans lose?

 

What does he own if he stops paying taxes on it ?
Poof, gone in a 5 minute auction.
Someone else owns it.

 

In his case, I doubt the tax rate on Louisiana swamp land vs. his cushion will ever be a problem while he is alive..............

 

I talked to a customer today. He and his wife are retiring in three months, and at his advisors advise he cleaned out all their accounts and moved them three weeks ago. He dodged a bullet.

 

He cashed out ? That must be a tax nightmare.