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Asked 3/15/2009
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Can I close out my 401k account at any time even if i am still employed with the company i started it with? If I am still employed with the company that has matched my contributions by 50%, can i close out my 401k retirement plan at any time ? |
Answer 1/2 - Submitted 3/16/2009
No--- terms of withdrawal are -- Severance from employment... attainment of retirment age (usually 59 1/2) or permanent disability.
If you are over 59.5 you may be able to draw out all, or at least what you have put in... (not always.)_
there are loan and hardship options, in most plans.. but you cannot close the account if still employed.
Answer 2/2 - Submitted 3/16/2009
The company choosing to match your contributions 50% is very generous. I would not quickly withdraw anything from this plan, you will never do better on your own. Also the funds contributed by your company may not be immediately vested, so that when you take your money out, the company may do the same, and you would lose some or all of that money.
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