I’m finally able to quit my job because I’m fully vested in the stock option plan. The amount of money it’s worth, assuming the $4000 annual investment limit on IRAs, would fund several of them. How many of the things can I have at once?
I’m nowhere near retirement age, so forget an annuity.
My main goal is to cash out some of the money so I can pay off a bunch of my debt and make my first house purchase more affordable. If there’s any other method to do so without incuring a bunch of penalities, I’d be happy to hear them.
5 comments so far...
No limit on the number of accounts, just deposits. Cashing them out will create taxable income plus, if you are under 59 1/2 a 10% penalty.
in addition to previous answer you will also be repsonsible to pay your tax rate at the end of the year on money withdrawn
There should be no limit on how many IRA you can have, but like you said, there is ANNUAL LIMIT.
No limit of number of accounts, just the total annual contribution amount. Early withdrawal is VERY costly.
Cash out the money and lose most of it to taxes and penalties.
You can have as many IRA accounts as you wish but can only fund them to the max allowed by the government.
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