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4 years,10 years??? and how many years is the right time to cash it out?

2007-10-04 05:49:56 · 5 answers · asked by fallenangel 1 in Business & Finance Personal Finance

what i really want to know is back in 1984 i worked for a company for 4 1/2 years and paid into a 401k with employer matching it. how do i find out if that money is still there and is mine?

2007-10-04 06:00:42 · update #1

its been 23+years ago ...how do i go about getting information about my 401k with a company?

2007-10-04 06:21:12 · update #2

5 answers

Every company is different.

The IRS Says you can't take money out until you retire.

2007-10-04 06:22:07 · answer #1 · answered by Feeling Mutual 7 · 0 1

The right time to cash it out is when you turn 59 and a 1/2. Otherwise you will owe a 10% penalty and federal and state taxes on your withdrawal. Assume, you will owe 1/2 of your withdrawal to penalties and taxes.

Contact your company's HR or payroll department to find out the information your need... And you should be able to roll it over to an IRA in any bank, brokerage, or mutual fund. The second you leave a company, you are entitled to roll over the 401k money to an IRA or a 401k plan with a new employer.

2007-10-04 12:53:12 · answer #2 · answered by Anonymous · 1 0

Any contributions that you made to the 401K are yours. As for the employer match, that depends on the company. Most companies have a 6 year period until you are 100 eligible for their total match.

If you don't know how to contact the company you should contact the PBGC (Pension Benefit Guarantee Corporation). They are part of the US government, where all retirement plans are registered. The assets from these plans are reported every year. They will know how to get in touch with either the company that sponsored your 401K or with the company that is administering the 401K plan.

2007-10-04 13:49:29 · answer #3 · answered by bkwrm006 2 · 0 0

A 401k is for retirement. There is a 10% tax penalty for cashing it in early plus the normal income tax on it. You can easily lose close to half.
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2007-10-04 12:53:04 · answer #4 · answered by Barkley Hound 7 · 0 0

you cant untill you are 65

if you leave and cash out there is a penalty and tax
issues to deal with.

2007-10-04 12:52:18 · answer #5 · answered by Fuzzybutt 7 · 0 1

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