A fool and his money are soon partying

To end the year with a bang, I cashed out my 401K retirement fund rather than roll it over to my new employer's program. It was down 38%, which I could've done all by myself and enjoyed a whole helluva lot more. I laugh in the face of penalties! Well, that and common sense.

I'll probably remember this day when I'm 65 and want to kick my own butt...


Haphazardkat said...

I did the same damn thing, right before the market did the big nose dive down the toilet hole.
I don't regret it for a second. Even with the penalties.
I'd rather voluntarily lose the money via penalties then continue to sit and watch it disappear under the guise of 401k savings. It wasn't getting money put into it at the time I pulled it out as I now work for a different contractor who doesnt offer matching for 6months.
I did however, put it into a money market savings at my credit union. Zero penalty if you pull it and it earns a modest 1.5% instead of dripping slowly away.

Booyah! Hurray for us 401k rebels. We'll toast each other with Mad Dog when we're 60 ;)

ColleenQ said...

Kat: you're my hero! I wish I had done it BEFORE it lost 38% of it's value. I'll pay off high interest credit cards, which will help in the long run, anyway....HELL YEAH, Mad Dog in 2030!