How long does it take to get a 401K check back after quitting your job?

Question

Thank you for the answers but I don't want to roll it over into anything. I am cashing it out and I want to know if anyone knew how long it took to get the check back.

Answer 1

You will take several tax and interest penalties. You want to roll it over into another 401(k). Call your former employer and ask for a rollover kit.

Answer 2

You can never cash in a 401K account for cash without a severe tax penalty. You need to roll it over into another 401K plan once you get another job or if you currently have an IRA, roll it over into this.

Answer 3

depends on the company, the type of investments, and the timing of your submission of distributions. If the accounts are daily valued then it should take no more than 2-3 business weeks. However, if they are valued quarterly, semi-annually, or annually it likely could take longer. It's this way for a couple of reasons...1) they likely only process distributions at certain times to save the plan money and 2) it could be close to the end of that period and they are in the process of allocating the income to the accounts. Wouldn't want to miss out on a quarters (or years) worth of income on the account would you?

Answer 4

That's too bad that you want the cash. You'll have to pay taxes and a 10% penalty. It should only take a couple weeks after you complete the paperwork....maybe fast if you use direct deposit.

Answer 5

Depends on how long yuor company & custodian take. Everyone is different.


Best way to do this: Rollover to an IRA. You can ask brokers like Schwab or Fidelity to assist you. By doing so they'll be no taxes or penalties.

Answer 6

to answer your question it takes anywhere from 7-14 business days to recieve your check after you turn in all the correct paperwork. See your old HR manager at your old job to have the paperwork sent to you.

Answer 7

Thanks for answering the question at hand Steelr - because I was wondering the same thing - as I scrolled down the page - I was beginning to think no one could answer question.