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  1. #1
    Senior Member nitrox28's Avatar
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    1997 Grand Cherokee
    1999 Firebird.

    Exclamation Lost my Job this week.

    After 10 years at the same factory, I got downsized. WOW! Not really sure where to go from here. I have a big ass 401k headed my way and I guess I'll get some of that unemployment everyone is talking about. Time for a fresh start!

  2. #2
    Member LS1WS6's Avatar
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    2001 TransAm WS6

    man that sucks..

  3. #3
    Junior Member
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    L.A.
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    Black
    99 Z-28

    Welcome to the club. Don't feel bad it's a big club. Sucks to hear that.

  4. #4
    Awaiting Activation
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    odessa,texas
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    69 hugger orange
    98 z28

    good luck bro,that sucks

  5. #5
    Senior Member 1MileCrash's Avatar
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    Black
    1999 Z/28 M6

    what did you do and what kind of company was it?

  6. #6
    Member Sweet Chops's Avatar
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    Hugger Orange
    1999 Camaro Z28

    You are going to cash in your 401K? Not smart. Its not a savings acount.

  7. #7
    Senior Member ss~zoso~ss's Avatar
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    SS: NBM, tan top
    1998-SS, 2010 Jetta TDI

    FUNemployment

  8. #8
    Exalted Cyclops 67CamaroRSSS's Avatar
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    5,823

    2002 Z28 A4 NBM
    Sadly now demodded :(

    You'll have to pay current tax rate plus a penalty of 25% (I believe) if you access your 401K. I'd think twice before I did that.

  9. #9
    Senior Member
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    Black/Red/Black/Red
    98WS6/06MCSS/86GN/06H3

    Quote Originally Posted by nitrox28 View Post
    After 10 years at the same factory, I got downsized. WOW! Not really sure where to go from here. I have a big ass 401k headed my way and I guess I'll get some of that unemployment everyone is talking about. Time for a fresh start!
    Sorry to hear that man, but that is the reason i am going back to law school and getting my business off the ground soon, you can't trust a job anymore and you can be cut at anytime i need as many options open as possible.

  10. #10
    I don't sell out! blackSS01's Avatar
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    2001 Camaro SS M6

    DO NOT CASH YOUR 401 IN!!! Unless your starving or you have a child you need to provide for.....don't touch it! Like others have said, don't touch it! Any money is better then none unless its your savings
    ┌∩┐(◕_◕)┌∩┐

    Man: The Mods you are fighting,
    they are the biggest Men I have ever seen. I
    wouldn't want to fight them!

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  11. #11
    Senior Member raynor139's Avatar
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    Quote Originally Posted by 67CamaroRSSS View Post
    You'll have to pay current tax rate plus a penalty of 25% (I believe) if you access your 401K. I'd think twice before I did that.

    If you lose your job there is no penalty. I had to dip into mine when i got real low on money.

  12. #12
    I don't sell out! blackSS01's Avatar
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    Quote Originally Posted by raynor139 View Post
    If you lose your job there is no penalty. I had to dip into mine when i got real low on money.
    It differs from state to state, I had a 20% fine to tap into mine I would check regardless before I tapped into it

  13. #13
    Member Sweet Chops's Avatar
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    1999 Camaro Z28

    Quote Originally Posted by raynor139 View Post
    If you lose your job there is no penalty. I had to dip into mine when i got real low on money.
    Are you sure you didn't borrow against it?

  14. #14
    Senior Member FasstChevys's Avatar
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    '10 ZR1

    As others have said - don't dip in to that 401K unless it's absolutely necessary. Use unemployment first until all options are exhausted.

    You'll thank us later............in about 30 years.

  15. #15
    Detailing + Design third_shift|studios's Avatar
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    My life is a
    Ben Stiller movie.

    omg that's horrible-and you just got a car too

  16. #16
    Member
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    2005 Toyota Corolla (DD)

    I'm not sure if you can take out a loan if you're no longer employed, but that's the way to go IMO.

    You don't pay a penalty other than the interest acruing on the loan (but you are paying it back to yourself!)


    When we had to reside our house we needed 10k, but knowing we'd be selling the house before the loan was paid off made me cringe. The thought of making payments for someone elses siding, or basically losing all profits and just breaking even suuuucked.

    I took a 10k loan out against my 401(k) at 6%. Each week I direct deposit $56 back into the 401(k) to pay off the loan, but like I said any interest that accrues I'm paying back into the account. This is essentially covering some of the profit I've lost by not having money in the account making more money.

  17. #17
    Impounded 86 IROC-Z's Avatar
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    Everything fiberglass
    2005 Amberlamps

    Quote Originally Posted by nitrox28 View Post
    I have a big ass 401k headed my way
    No.

















    plz no

  18. #18
    Senior Member Nhra Firebird's Avatar
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    Quote Originally Posted by 67CamaroRSSS View Post
    You'll have to pay current tax rate plus a penalty of 25% (I believe) if you access your 401K. I'd think twice before I did that.
    and you're selling shares for much less then you paid for them.

  19. #19
    Senior Member raynor139's Avatar
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    Quote Originally Posted by Sweet Chops View Post
    Are you sure you didn't borrow against it?

    Nope it was mine to do whatever I wanted with. They gave me six months to either cash it in or move it to a financial firm of my choice before they moved it to a outside company to maintain it. Until it was moved to a different one I could take or put in money however I wanted. In fact I got most of the taxes they took out refunded to me on my tax return for it.

  20. #20
    Chief of his tribe! LSCyaL8R's Avatar
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    Navy Blue Metallic
    2000 T/A Firehawk M6

    wait.... didn't you work at hyundai? They are growing... why downsize?

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