Posted: 11/4/2008 9:13:58 PM EDT
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I know, I know. It's a bad decision. I'm ok with it.
How in the hell do I cash out my 401K? I know I'll take a hit on taxes but the last time I spoke to my 401K people (T-Rowe Price) they said the only way I could cash it out and no longer contribute was to quit my job. Them - "Once we receive a letter of seperation from your employer stating that you are no longer employed, we will cash it out for you" Is there any way around it? I took a loan out from it a few months ago but want to cash the rest out NOW. I don't have much in there anyway. |
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I am by no means a financial guru and I didn't stay at a Holiday Inn Express last night....BUT:
I was under the impression that even if you received the separation letter, you would still be hit by the stiff penalties and taxes if you do not roll the funds over into another account (be it another 401-K, SEP Plan, etc.). |
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Quoted:
I am by no means a financial guru and I didn't stay at a Holiday Inn Express last night....BUT: I was under the impression that even if you received the separation letter, you would still be hit by the stiff penalties and taxes if you do not roll the funds over into another account (be it another 401-K, SEP Plan, etc.). Yeah I knew I would take the hit but they said I couldn't empty it period. |
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Quoted:
Nope. Called TRP today and they said the IRS says I cannot cash out my 401K unless I seperate from the company. I could only do a hardship if I met the criteria, and I don't so I can't have my fucking money! I am pissed. So there you go. Find a new job, quit the current job, cash out the 401(k). Simple. |
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Quoted:
Nope. Called TRP today and they said the IRS says I cannot cash out my 401K unless I seperate from the company. I could only do a hardship if I met the criteria, and I don't so I can't have my fucking money! I am pissed. My "smart" cousin for 25 years was buying real estate, telling me I was "too trusting" of Wall Street and the Government with my hard-earned money. I THOUGHT I could TRUST the Government: What a fool! Now some "inside the .gov" are talking about "Nationalization of the 401k". It's a trap! (Too late for me, I've got 25 year's worth of money in there and am afraid that between monetary crashes, and Government "changes" all that money is GONE... My advice, leave whatever is in there alone....but figure out another way to have retirement income. |
Bend over