Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next
Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19380  
Subject: Re: withdrawals Date: 11/26/2013 11:56 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 14
I have a lot of money in my 403(b) but need to take money out without borrowing it or paying a penalty. I was thinking of selling some of the mutual funds in my Roth IRA but only if I don't have to pay taxes on the sale; I am not 59 yet.

There is never a tax effect of a sale in an IRA. The only thing that matters is withdrawals. As long as you withdraw no more that the total of your contributions there will be no tax or penalty. See Chapter 2 of Publication 590.

I am not concerned right now about my retirement because I have enough for that and intend to keep working for 15 years. I am much more concerned about the present because I can't pay my bills now and have no emergency fund.

What you should be concerned about in the present is the fact that you're living beyond your means. You need to set some financial goals, e.g., pay off your debt and build up an emergency fund. The you have to produce a budget that gets you there. Then you have to live by it.

The short story is that you need either more income or less spending. Figure it out, or you'll never get out of this situation.

Phil
Rule Your Retirement Home Fool
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next

Announcements

Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Post of the Day:
Apple

Wal-Mart Nixes Apple Pay
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement