Should I quit work tomorrow?

[Red_Skydiver 0]

enjoy yourself while you can. Have a break

[DrewEckhardt 0]

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I recently got a job as a locomotive mechanic. I start work for CSX on July 10. Should I quit work tomorrow and draw out my 401k ( only $10,000 ) and have a 3 week vacation and splurge it skydiving and fishing?

I wouldn't trade $6000 now (you'll pay a 10% penalty for the early withdrawl and I'm guessing on Federal and state taxes) and a month of fun for $175,000 when I retire in 30 years, working 8 months longer (I put the legal $15K pre-tax maximum in my 401K; adjust that if you contribute less) , or making over 100 jumps a year less after I've retired (assuming you retire in 30 years, that $10,000 will be allowing you to draw $2800 a year in today's money indefinately).

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CSX won't let me roll it over

Although you can roll it over into an IRA or just leave it where it is.

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What should I do?

Quit if it makes you happy and you can afford the lost pay. Travel as your budget allows without spending your 401K.

[somethinelse 0]

I agree with Brian.

Up til about 40, getting old seems an eternity away.
But once ya get to tthe top of the hill - 40-
Time seems to fly by real quick.

You'll be glad you still have it some day + interest.

[fasterfaller 0]

Quit and enjoy the money . The problem with country is not enough time for vacation . I am amazed how much vacation time people overseas get per year . I have seen vacation times from 4 weeks a year to several months and Americans get hosed with 1-2 weeks average and really good companies do 3-4 weeks a year . Tell them to get fucked and have some fun . Life sucks when all you do is work .

[Tel 0]

So did you quit your job or what?? Did you get to go to some island? Did you start you new job?? If so how is it going?

[plowdirt 0]

You shoulda quit before the convention, Gone to that and then gone on tour for three weeks.

Now that sounds like the plan.

Have fun

[stoneycase 0]

get an IRA through a bank or financial institution. throw the 401(k) in there. max your yearly contribution every year to the IRA when it's tax time and you'll be a lot happier 10 or 15 yrs down the line.

the money you'll pay in taxes now if you take it out is to much $$ in my mind to justify the vacation. remember the whole point of the 401(k) is to take pre-tax money and get it 'working' to earn interest. if the gov lets you take out that pre-tax $ before that magical date, they're going to ding you hard on taxes

hell, i once i had a 401(k) from a previous employer worth about $1200 when I quit. new co had no options for me so i found an IRA through my bank, USAA, and dropped it in there. i must've spent 3 months dealing with all the paperwork, for $1200. i'd spend ten times as long for $10K, but that's just me - i'm a numbers guy and i'm tight as hell right now...so every penny counts...speaking of which, i need to clean the couch for pennies to get my rig repacked...

YMMV.

Does whisky count as beer? - Homer
There's no justice like angry mob justice. - Skinner
Be careful. There's a limited future in low pulls - JohnMitchell

[DrewEckhardt 0]

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hell, i once i had a 401(k) from a previous employer worth about $1200 when I quit. new co had no options for me so i found an IRA through my bank, USAA, and dropped it in there. i must've spent 3 months dealing with all the paperwork, for $1200.

When you have at least $5K in that 401K your former employer must give you the option of keeping it there.