EDIT: Thanks for the responses. I didn't realize interest paid on a 401(k) loan was contributed back into my account, i.e. paid to myself... I honestly saw red when this guy mentioned paying interest on my own balance. Also, this is a Traditional 401k which my employer contributes to. I didn't have a say in the matter
Spoke with my Company's "financial planner" this morning about moving/ withdrawing my current 401k balance. I'd rather pay the penalties / taxes on it, convert to BTC and move to cold storage. I did not tell him I was planning on moving it all to Bitcoin, but hey wtf it's my money isn't it? Turns out, no it isn't really my money.
"You can't withdraw it, but you can take out a loan, but you'll have to pay interest." What the actual fuck. Charging me interested on my money that I gave them
"Ok, I want to close the account then."
"You can't close the Account. Unless you leave your current job"
"Wow ok.... So this sounds like it's not really my money."
"Essentially, yeah. The government wants you to save it for retirement."
I swear on my life he actually confirmed "yeah it's essentially not my money." What a mf scam. As if they're actually just holding all my money back there in a stack with my name on it because they care about me. I also asked about transferring it to another (BTC) IRA and was told that isn't an option either unless I change jobs.
EDIT: Thanks for the responses. I didn't realize interest paid on a 401(k) loan was contributed back into my account, i.e. paid to myself... I honestly saw red when this guy mentioned paying interest on my own balance. Also, this is a Traditional 401k which my employer contributes to. I didn't have a say in the matter
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