I'm leaving my work to be a stay at home mom. What are my options for my 401k?
2007-07-30 03:42:10 · 3 answers · asked by umamae98 2 in Business & Finance ➔ Personal Finance
Most times you can either leave you employer administer your 401k or roll it over into an IRA.
Your other option is to take it as a lump sum cash but you would have to pay taxes and a penalty on it if you are under 65.
2007-07-30 03:47:56 · answer #1 · answered by lunatic 7 · 0⤊ 0⤋
Your best option is to roll it into an IRA. If you close the account and take the money then you will loose a lot of money up front plus you are required to claim it on your taxes at the end of the year and you will owe more in income tax.
2007-07-30 11:03:24 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Look into rolling it over into an IRA or you can always just cash it out. Keep in mind you will most likely have to pay taxes on it if you cash out.
2007-07-30 10:45:54 · answer #3 · answered by KathyS 7 · 0⤊ 0⤋