A way to make an income again

by FindFunding Tue Feb 19, 2013 11:05 pm

You can always rollover your 401k money tax-free into your own business.

by elvis44102 Wed Feb 20, 2013 1:05 am

by FindFunding Wed Feb 20, 2013 1:13 am

If you have funds in a 401k, you don't need to get a job if you want to get into business for yourself.

Most people think they would be taxed heavily if they took an early distribution. That is not the case if you just roll over from one qualified plan to another.

by **DesperateInRI** Wed Feb 20, 2013 2:45 pm

Yes, that's true, but what does that have to do with opening a business?

by FindFunding Wed Feb 20, 2013 3:04 pm

As you know, you can generate an income from having a job.
If you can't get a job and have money in a 401k or IRA account you can use that money to open up a business - on a tax-deferred basis.
By setting up a trust and rolling your retirement money into the trust
which funds the business.

by elvis44102 Wed Feb 20, 2013 4:46 pm

welcome to the forum,

having been a member here for awhile, i would have to say that most of us dont have access to any 401k monies..

in other words, as Mitt Romney joked that he TOO was unemployed...

most of us also lack multi-milliondollar investment income as well,
so its NOT just a JOB, but usually any avenue to ANY income generating utility as well

by USA Citizen Wed Feb 20, 2013 8:27 pm

In many cases you must cash out your 401 k money to get any sort of help with food, housing, welfare. You must also pay a huge tax penalty. If you are susceptible to losing your job then it is better not to invest in a 401 k, in my opinion.