perfect_elbows
perfect_elbows OP t1_iyedhws wrote
Reply to comment by Grevious47 in Downside to Cashing Out Roth & Traditional IRAs (besides the obvious)? by perfect_elbows
Thank you. This is definitely why I came here- I was unaware of the tax implications on top of the penalties, which totally makes sense. And also explains why this is not a good solution to my temporary cashflow problem. Ugh. I appreciate your informative response.
perfect_elbows OP t1_iyeckot wrote
Reply to comment by Mysunsai in Downside to Cashing Out Roth & Traditional IRAs (besides the obvious)? by perfect_elbows
Thank you so much for this information. Very helpful.
It does look like both accounts are listed as "My Variable Annuity".
perfect_elbows OP t1_iyec5qv wrote
Reply to comment by Rave-Unicorn-Votive in Downside to Cashing Out Roth & Traditional IRAs (besides the obvious)? by perfect_elbows
I can definitely be bothered to budget. I just lost my job out of the blue and this is foreign territory to me, so please don't be so critical and judgey. I appreciate your input, but the condescending tone and comments are not helpful.
perfect_elbows OP t1_iyebiro wrote
Reply to comment by rnelsonee in Downside to Cashing Out Roth & Traditional IRAs (besides the obvious)? by perfect_elbows
Thank you.
When I look at my online portal for these accounts, there are three categories in the details for each account: Accumulation Value, Surrender Value, and Surrender Charge. I don't see anything for "taxes and penalties."
I appreciate you including all of this detail!
Submitted by perfect_elbows t3_z8zr1z in personalfinance
perfect_elbows OP t1_iyedu1c wrote
Reply to comment by alexm2816 in Downside to Cashing Out Roth & Traditional IRAs (besides the obvious)? by perfect_elbows
Thank you for clarifying. Dissecting all of this is new to me, as I've never had to consider the possibility of tapping into this, so I appreciate the info!