cashing in 401k? rethinking retirement.
Hello all, I'm trying to rethink my retirement plans. I lived in NYC and worked for the city until I was terminated for not taking the covid vaccine. There's a lot more to the story. We had to move to SC. I have a 401k/457 sitting there as stagnant money in NYC. About 90k that will be taxed at 40% if I take it now. If I transfer the money to my current job I cant barrow from it. I also can take out a home equity line of credit on my current home....but I need direction.
I'm thinking long term rentals will be a good retirement plan. I'm 45 years old.
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I found myself in a similar position to you about 10 years ago. Fact is, I had some assets but not enough money to invest from a position of strength. You can either bridge that gap by piling up more money or living with less comfort.
You either need to find a way to make and save more money or look into owner occupied investment strategies like a live in flip or house hack. I understand if you don't want to do that. I'm 42 with a wife and two kids. We're on our 3rd live in flip. It sucks. My family of 4 is currently sharing 1 bathroom. I am financially independent and don't have a job, though. It has been worth the hassle.
I have nothing to sell and would be happy to help if you think that I can be a resource. Feel free to reach out.