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Old 03-14-2015, 12:24 PM   #57
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Originally Posted by Dr4Film View Post
There are some people that just don't get it nor do they have a clue about their finances.

Those are the ones that DEFINITELY need to hire a financial attorney, adviser or anyone with a reputation and knowledge to help them put together their personal financial plan that will last for their lifetime.

Otherwise they will end up like so many people do that are illustrated on the TV show American Greed or they will end their life on social welfare and in poverty.

Dr4Film ----- Richard
Once you weigh the early withdrawal penalty, lump sum tax hit and the loss of appreciation out they'd be better off paying interest on a loan even at 10% APR, I'd bet it.
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Old 03-15-2015, 06:50 AM   #58
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This is only my opinion 401k's are for retirement put in and forget about it until retirement. When we bought our rev a buddy asked if I took the money out of my 401k I laughed thought he was kidding, found out he borrowed against his house to join the country club. He ended up loosing his rather large house and the money he spent joining. I also know someone who bought a corvette payed it off with a equity loan then traded it so they ended up still paying for the first one and second one. So I say whatever works for you since it really doesn't matter to anyone else.
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Old 03-15-2015, 08:15 AM   #59
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Id say for most people it's a bad idea. We have borrowed money from it & of course paid the taxes because of an emergency situation, & just plain needed the money.
As far as using it to buy an RV... Probably not a good idea, however we are considering it for 2 reasons.
1) when the economy took a dump in 2008, we lost over 30% of our money, due to no fault of our own. Who's to say it can't happen again.
2)when the economy took a dump in 2008, I was a home owner, self employed for over 10 yrs, had some savings etc. that's all gone now. I now work for my former competitor, we live in a mobile home, have a small amount of savings, & we are pretty happy, however, there is pretty much 0 chance for "retirement" in our future anymore. I'll be working till they put dirt on my head.
So, we are strongly looking at using 401k money to pay everything off so we can go full time RVing/ workamping.
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Old 03-15-2015, 09:12 AM   #60
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Since the 2008 fall we have recovered nicely thanks to our broker! We have taken a nice draw every month from our American Funds since I retired in 2009.

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Old 03-15-2015, 10:16 AM   #61
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Since the 2008 fall we have recovered nicely thanks to our broker! We have taken a nice draw every month from our American Funds since I retired in 2009.

Stano
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March of 2009 at the bottom of the market I had lost over 50% of my net worth. Plus I was forced into retirement on January 31 2009.

Through some very diligent investing in a few Fidelity Select Mutual Funds I have recovered everything that I had lost plus added a nice bonus to my net worth to boot as of March 2015.

Your investment strategy is for LONG TERM not day to day. Will there be losses in the future, absolutely, but guess what, refrain from knee-jerk reactions and you will win in the long run.

I like riding roller coasters when I was young and that's what investing feels like sometimes.

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Old 03-15-2015, 11:33 AM   #62
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I'm glad things have worked out for you. Your very fortunate. Our 401k has come back around also, I'm very happy about that .
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Old 03-16-2015, 02:55 PM   #63
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I retired about a year ago and it is nice knowing you have money in your 401k. I only take out $2,200 a month; which is about what I make in interest monthly. Otherwords leave your 401k alone and you will have no regretes when you retire.
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Old 03-16-2015, 07:05 PM   #64
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Now there is a man, Coyotebrooks, who knows exactly what a 401k program is supposed to do for your future.

Remove the interest while maintaining the principle to support your retirement.

Smart man you are, Coyoteborooks!

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Old 03-16-2015, 07:46 PM   #65
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He said he was working till he's 65 , borrowed he's own money and paid he's self back 5% for ten years would safely beat the market rates . If he borrows from some one else at 5% for ten years he loses 10% and adds nothing to his 401k. Through the years I used mine to buy equipment , trucks land cows .... I retired at 54 . had open heart surgery at 55 ..... 57 now.. I would borrow from myself at 5% payback and not look back. Good luck PA
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Old 03-16-2015, 07:46 PM   #66
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I retired about 10 years ago @ 59 with a pension and a 401K I took my SS at 62 and started taking withdrawals from my 401K at 65. Rolled my 401K into a IRA at Fidelity about 4 years ago so far my IRA has made twice + what I have been taking. Do not take monthly distributions take lump sum withdrawal before the end of the year. withhold 20% to cover taxes. Took a loan out for my TV and deduct interest from my taxes Would never consider raiding a 401K or IRA to fund a losing proposition. Have had three new motorhomes since 2006 lost on every one.
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Old 03-17-2015, 05:35 PM   #67
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Thanks Richard,

The 401k is just a bonus and you add it to my military, federal and ss you don't have to go hungry!! Tempting as it may be, always save it for later. I am not sure if people saying to spend it are serous or not. If they are not saving for their future they will never be able to retire and still have a good life!!

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Old 03-21-2015, 11:21 AM   #68
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3 motorhomes since 2006? We bought ours in 2005 and still have her - going strong. Can't imagine having 3 in that time.

We've now hit the point where we have to do mandatory distributions on our IRAs (the 403bs have been supporting us nicely since '06) and the amount we have to take this year is less than the amount we made last year.

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Old 03-21-2015, 12:18 PM   #69
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I thought the same thing when he posted that, but than I realized We're on our third since 2008.
But than ours were likely much cheaper, we paid cash for them , & didn't loose any money
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Old 05-27-2015, 04:39 AM   #70
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I'd like to get your thoughts on the idea of either borrowing or withdrawing money from a 401k for the purchase of an RV.

My DW and I are both over 55 years old and have a good sum of money saved up but it's all in our 401k's. I read some where that if you have left your job and you are over 55 that you can withdraw money from your 401k without penalty.

I'm interested in your comments and feedback if this is a good option or not for our RV purchase.

We've been looking at RV's in the 100 - 130k range so even borrowing the money from our 401k for a down payment is an option. Fortunately our 401k plan allows us to take a loan from from our plan even though we no longer work for the company that administrates the plan.

We both work and plan to continue to work until we are over 65 years old. So, making the RV and 401k loan payments would not be a problem.

Thoughts/comments?
It's been a while ... What did you decide to do? Did you purchase your RV yet?
Friend of mine said if he had it to do over again, he would never buy a brand new Motorhome. He has taken a beating on his coach ... All kinds of problems as soon as he drove it off the lot and he still has problems! I think his mh is around a '11 or '12. It wasn't cheap, either. He bought a beautiful, higher end coach.

He said if he could do it over again, he would buy a pre-owned, well cared for Motorhome. That's what we did and we have no regrets. Our coach is lovely and has all the bells and whistles we need or want.

Anyway, hope you found your ideal RV!
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