401K Help!
#1
Forum Regular
Thread Starter
Joined: Jun 2007
Location: Savannah
Posts: 42
401K Help!
How do you go about cashing in some of your 401K?
Is their normally a penalty?
How long does it normally take to receive the money?
Is their normally a penalty?
How long does it normally take to receive the money?
#2
Heading for Poppyland
Joined: Jul 2007
Location: North Norfolk and northern New York State
Posts: 14,540
Re: 401K Help!
Are you over the age of fifty-nine and a half, or younger?
#3
Forum Regular
Thread Starter
Joined: Jun 2007
Location: Savannah
Posts: 42
Re: 401K Help!
Younger 31
#4
BE Forum Addict
Joined: Mar 2007
Posts: 4,059
Re: 401K Help!
Normally there's a 10% penalty in addition to the tax hit for early withdrawals. In some cases you can borrow from the plan without incurring the penalty. Call the plan administrator for the details of what to do.
Most finance gurus urge not making early withdrawals unless it's an emergency. If you are dealing with an emergency, good luck.
Most finance gurus urge not making early withdrawals unless it's an emergency. If you are dealing with an emergency, good luck.
#5
Re: 401K Help!
Normally there's a 10% penalty in addition to the tax hit for early withdrawals. In some cases you can borrow from the plan without incurring the penalty. Call the plan administrator for the details of what to do.
Most finance gurus urge not making early withdrawals unless it's an emergency. If you are dealing with an emergency, good luck.
Most finance gurus urge not making early withdrawals unless it's an emergency. If you are dealing with an emergency, good luck.