I am very critically near making the final decision to surrender my 401K this year in its entirety to: 1) keep the capital gains tax rate that still exists, and 2) to get it out of harm’s way ala Obama’s thieves.
I think taking the bite on a larger income now would be better than getting nothing at all in the end.
I definitely will have to buy a better safe, though.
The capital gains tax doesn't apply to 401K's.
“I think taking the bite on a larger income now would be better than getting nothing at all in the end.”
Do it...it’s going to get ugly soon.
If you surrender your 401K, you will be taxed at ordinary income rate, not the capital gains rate.
There is also a 10% penalty for withdrawals before age 55 i think. Anyway, you might find this calculator useful:
https://www.wellsfargo.com/investing/retirement/tools/401k-early-withdrawal-calculator