How long does it take, to get your check, if you decide to spend your 401k from a previous job?
Does it take weeks or months to get it?
2007-08-31 03:58:22 · 4 answers · asked by J~Me 5 in Business & Finance ➔ Personal Finance
You call the company, request a cash out from your plan, and you should get the check in 7-10 days. However, remember that if you cash out your 401(k) you will owe ordinary income tax PLUS a 10% penalty (to the IRS) if you are under 59 1/2 years old. That is why it is better to rollover the money into your new employer's plan. I would do that because you are letting the money continue to grow tax deferred.
2007-08-31 04:07:43 · answer #1 · answered by dan 4 · 0⤊ 0⤋
We recently rolled my husband's 401K into another plan, and we had the check in about a week and a half.
2007-08-31 11:07:55 · answer #2 · answered by Robin M 2 · 0⤊ 0⤋
well the last time my mom did something like that iot took her 2 weeks.
2007-08-31 11:04:02 · answer #3 · answered by tina 2 · 0⤊ 0⤋
Don't do it. The penalties + taxes are horrendous.
2007-08-31 11:10:38 · answer #4 · answered by Uncle Pennybags 7 · 0⤊ 0⤋