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Originally Posted by SomeRandomGuy  You could easily grow that $4500 into $100,000 by the time you're 62. Also, my understanding is that cashing out a 401(k) early costs approximately 40% after penalties and taxes, which would leave you only $2700. It seems rather depressing to think of giving up $100,000 for a $2700 short term gain. On the other hand, its easy to see how the money can help you now. Good luck with which ever route you choose. |
That has to be wrong. It took me 18 years to get it up to $4000...in another 18 years I'll only have $8000, assuming I don't lose money...but how can it grow if I'm not working (or working at a job that has the 401k plan?)