At 60 He’ll Pull $40,000 From His 401(k) to Buy a Truck. The Plan Will Hold Back 20% Before He Sees a Dime, and His Real Tax Bill May Be Bigger Than That
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He’s 60, he’s found the truck, and the sticker says $40,000, so he logs into his 401(k) and asks for that exact amount. A week later, the money lands, but it’s only $32,000. Then in April, the IRS may ask him for more.
This is an all-too-common scenario. One retired caller to Cla
He’s 60, he’s found the truck, and the sticker says $40,000, so he logs into his 401(k) and asks for that exact amount. A week later, the money lands, but it’s only $32,000. Then in April, the IRS may ask him for more.
This is an all-too-common scenario. One retired caller to Cla
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