Got a new job

[Blackpony]

In april I was notified that my job was being eliminated due to downsizing. Thankfully I was given a severance package so I was I ok till the end of july. So I sent my resume out and was called back by PPG. After a few meetings I was offered a position which I accepted. Now not only will I be receiving a paycheck i'll still be receiving my severance pay till july. Thanks Sherwin Williams :flipoff: Now release my 401k so I can buy a new Harley and rollover the rest of my 401 and pention

[NaomiDstangLvr]

Awesome, congrats!

[MrsAPE]

Congrats!!

[YouGotJunk]

Congrats!! Goodluck!

[mustangboy]

Congrats on the new job, I would roll the whole 401k though.

[04 Venom]

Wish we had more posts like this.

[Walter]

Congrats on the new job, I would roll the whole 401k though.

X2 :cool1:

[Blackpony]

Congrats on the new job, I would roll the whole 401k though.

I been throwing around what to do with the 401. I've got thirteen years in the company so I got lots invested. I have been feeling guilty about if I should buy a bike with it or not. The plan has always been to retire at fifty. I'm sure thats gonna change

[DOPE3]

life is shot get the bike and enjoy congrats on the new job

[k062693w]

Congrats!!!!!! Splurge a little and buy the bike!!!!!!!

[DeckerEnt]

If you get a Harley, those usually go UP in value. Call it an investment, keep it in perfect condition and enjoy it. I say go for it.
Keith

[mustangboy]

You really need to speak to a finacial consultant before you splurge on the bike. They could at least run the #'s for you and show you what that money will be worth by retirement and beyond. You will probably be surprised to find out that you would be able to buy 5 harleys by then. It is very tempting but I would talk to a professional so he could show you if it would be worth it in the long run.

[02mingryGT]

Congratulations! Glad to hear it worked out for you.

[HRSEPWR]

If you get a Harley, those usually go UP in value. Call it an investment, keep it in perfect condition and enjoy it. I say go for it.
Keith

:agree: What he said... I have a Harley as well and this is true, keep it in great shape and the depreciation value is pretty much 0.. :bigthumb

[Holly]

Now release my 401k so I can buy a new Harley and rollover the rest of my 401 and pention

I'd transfer it to another 401k, you'll be glad you did someday. I never cash out my 401k, no matter how bad it gets, or how bad I want something! Someday I'm going to be old. :lol:

[Jaylynn]

:agree: What he said... I have a Harley as well and this is true, keep it in great shape and the depreciation value is pretty much 0.. :bigthumb

even if you don't lose $ on your motorcycle you've lost ALOT of compounding on your 401k Balance. Now we all know life is short & you never know how short. But you might want to really check those #'s. Let me do a little spreadsheet for you.... at 7% interest over 25 years that $25k would be abt $135k. (using 10% below would be $270k)

That's no counting all the penalties you'd have to pay taking out 401k money - i think that's like 10% right off the top, isn't it? (unless you're over 50 i think which i'm assuming you're not)... I'm not a financial advisor, just an accountant who's kind of conservative.


BTW - CONGRATS on finding a new job so quickly - you'll be getting nice 'bonus' checks from you severance until July - like 2 salaries, pretty cool!


Year Balance Contribution Total Investment Interest Int Earned Ending Balance
1 01/01/08 25,000 25,000.00 7.0% 1,750 26,750
2 01/01/09 26,750 26,750.00 7.0% 1,873 28,623
3 01/01/10 28,623 28,622.50 7.0% 2,004 30,626
4 01/02/11 30,626 30,626.08 7.0% 2,144 32,770
5 01/02/12 32,770 32,769.90 7.0% 2,294 35,064
6 01/01/13 35,064 35,063.79 7.0% 2,454 37,518
7 01/01/14 37,518 37,518.26 7.0% 2,626 40,145
8 01/02/15 40,145 40,144.54 7.0% 2,810 42,955
9 01/02/16 42,955 42,954.65 7.0% 3,007 45,961
10 01/01/17 45,961 45,961.48 7.0% 3,217 49,179
11 01/01/18 49,179 49,178.78 7.0% 3,443 52,621
12 01/02/19 52,621 52,621.30 7.0% 3,683 56,305
13 01/02/20 56,305 56,304.79 7.0% 3,941 60,246
14 01/01/21 60,246 60,246.13 7.0% 4,217 64,463
15 01/01/22 64,463 64,463.35 7.0% 4,512 68,976
16 01/02/23 68,976 68,975.79 7.0% 4,828 73,804
17 01/02/24 73,804 73,804.09 7.0% 5,166 78,970
18 01/01/25 78,970 78,970.38 7.0% 5,528 84,498
19 01/01/26 84,498 84,498.31 7.0% 5,915 90,413
20 01/01/27 90,413 90,413.19 7.0% 6,329 96,742
21 01/01/28 96,742 96,742.11 7.0% 6,772 103,514
22 01/01/29 103,514 103,514.06 7.0% 7,246 110,760
23 01/02/30 110,760 110,760.04 7.0% 7,753 118,513
24 01/03/31 118,513 118,513.25 7.0% 8,296 126,809
25 01/04/32 126,809 126,809.17 7.0% 8,877 135,686

[Timido]

Roll the whole thing over and just buy the harley with credit or savings. They are going to kill you on taxs taking that retirement money early.

[Blackout]

I don't know what kind of 401k that you have but you can alway take out a loan on it. I am able to take half of what I have in there at a time until it's all paid back. With the economy on such a downfall and my job downsizing to 1 shift and 2 shifts in supporting departments it was worth it to me, because I am repaying myself and my 401k is making more with me repaying with the interest. The interest is like 4%. I paid off a car and paid off all kinds of other loans that I had. Decreasing my bills by $500 a month was a big help and now I only pay back $150 a month that comes out of my check, so I don't miss it.