I am seriously considering leaving my 9-5 job and just keeping a few part time cash jobs I have and playing poker for a living. I have a decent amount of cash saved up, enough to last me awhile. No bills and owe nothing to no one. What are my best options with my 401K, ESOP, and HSA?

I am seriously considering leaving my 9-5 job and just keeping a few part time cash jobs I have and playing poker for a living. I have a decent amount of cash saved up' date=' enough to last me awhile. No bills and owe nothing to no one. What are my best options with my 401K, ESOP, and HSA?[/quote']

 

How old are you?

Do you mean which investment you should take money from?

Im thinking hes asking about individual plans if he leaves his job, and what he can do in transferring his current stuff from his employer.

 

 

BTW Big Slick hope this all works out for you bud.

I am seriously considering leaving my 9-5 job and just keeping a few part time cash jobs I have and playing poker for a living. I have a decent amount of cash saved up, enough to last me awhile. No bills and owe nothing to no one. What are my best options with my 401K, ESOP, and HSA?

 

ColonelCrazy & Clizzy will point you in the right direction on this.

 

I just wanted to say congrats on putting yourself in financial position to do what you want to do.

I am seriously considering leaving my 9-5 job and just keeping a few part time cash jobs I have and playing poker for a living. I have a decent amount of cash saved up, enough to last me awhile. No bills and owe nothing to no one. What are my best options with my 401K, ESOP, and HSA?

Good luck to you. I actually wondered why there wasn't a poker forum or thread. I will be in Vegas in June p,aging in a couple WSOP events, if you are there lets get together. I thought I p,ayed too much but not enough to retire just yet. I want to wait until my 27 years at my place is in mainly so I can get the insurance for the family when I retire. (state retirement)

I do play too much for the wife's liking sometimes lol, about 3 times a week in 3 diff leagues and then at the casinos when I get time.

I miss playing so much. My old job was M-F. For quite a while (1-2 years), every Friday I'd cut out of work by 4 and be in Tunica at a table by 7:30. I'd play till Sunday night. So much fun but bad for health :lol2:

One of my friends has done it for a living ever since he got out of high school. Not making big money but enough to pay for rent, food, etc. Not many can do it, thats for sure but it can be done. Turns out the guys I used to play poker with a lot back in my school days have actually been making money at local casinos, etc. so it makes me feel a bit better that I won some money playing with them now and then .

 

Good luck to you man!

I'd move your 401k into an IRA. No reason to touch that money if you don't have to. Also, from an IRA you can take as much money or as little (generally speaking) whenever you want/need it, and can determine how much (if any) you want taken out for taxes. Those are generally not the case when withdrawing from a 401k.

Based on my last 3 years of record keeping I think I could actually get by on my part time cash jobs and not having 9-5 I could work more if needed. It's just the retirement and health insurance issues.

How old are you?

 

39 years old

Anybody know anything about Health Savings Account? I assume I can put into a retirement account or cash out with a huge penalty, but can I keep it and use it for medical?

Anybody know anything about Health Savings Account? I assume I can put into a retirement account or cash out with a huge penalty, but can I keep it and use it for medical?

 

With HSA's you can use the money for anything, however if you use it for things that aren't medical expenses, you will have to pay taxes on the distributions. You should be able to keep it in there and use it for whatever medical expenses that arise until it runs out.

But who monitors it? How would anyone know what it was used for?

But who monitors it? How would anyone know what it was used for?

 

You submit receipts.