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Asked 9/18/2009
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Can I Draw Unemployment and Take Out My 401k, due to plant layoff? The company that I work for will be laying off 33 union employees on November 6, 2009. I am 3rd from the bottom of the list which means it's unlikely they will be calling me back. I don't have that much in my 401(k) and planned on just taking the penalty and get all of my money out. But someone said it might disqualify me for unemployment. Is this true? I won't receive an unemployment check for up to 4 weeks once laid off. |
Answer 1/1 - Submitted 9/18/2009
Times are hard and I sympathize with you but you will delay any unemployment ebenfits if you cash out your 401K. The fees and extra taxes will leave you in the negative as far as unemployment because they will go by the gross amount you cash in and will not figure in the fees or taxes. I suggest you roll your 401K into an IRA at a bank and see if they will set up a line of credit tied to the actual cash value of the 401K. Some banks will and some won't. The worse thing they can say is no but try not to cash it out. Good luck
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