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Reply to "Cashing out 401K to payoff mortgage"
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[quote=Anonymous][quote=Anonymous]well sort of a bad idea. IF you were able to buy a house and pay the MAXIMUM amount of points against the 401k withdraw you could deduct away most of the penalty. Try to minimize the loss by finding a way to deduct against it that tax year. FYI we are doing this and plan to liquidate current 401k that has remained stagnant for the last 12 years. Our new plan is to continue to buy rental homes and use future income of paid off homes for retirement.[/quote exteremely smart. This is the real way to build wealth. Only t he poors rely on their 401k, pensions, and IRAs.[/quote]
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