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I get kinda mad when I think about how I had to lose a cut of my 401k not just to taxes, but as an early liberation penalty, when Swan sent me an on chain transaction one day.

I still have that utxo though. I paid the man with funny money.

kazlife 8mo ago

What did they do? I use them for my IRAs and wondering if I should look elsewhere

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Discussion

Jay 8mo ago

401ks are set up so that there is an early withdrawal penalty to take possession of your own money. That's what I'm mad about.

Swan actually made it really easy to do the withdrawal.

kazlife 8mo ago

Ok cool. So you withdrew your old 401k and paid the penalty to convert to an IRA with Swan?

Jay 8mo ago

I had moved my 401k into swan and converted it all into BTC. Then I just withdrew the BTC and they noted for me the dollar value at the time of the transfer, and I handled the tax/penalty myself.

kazlife 8mo ago

Gotcha, that makes sense. Good way to go.

I’ll try to do that with my work 401k

Jay 8mo ago

Good luck 🤞

Works great if you think Bitcoin will be higher when you need to gift the government more money under duress next year. That way you'll have saved some at least.