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Asked 3/11/2010

I am over 65. If I cash in my 401k, will it affect my drawing unempolyment compensation in fl

I just got laid off and the state will not give me a straight answer on this question.

 
 
 
 
 
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Answer 1/1 - Submitted 3/11/2010

Here's the logic. Your 401 was set up for retirement. Unemployment benefits are for the working, not the retired. Either you're part of the working class and draw unemplyment or you going to retire and draw from the 401. I believe if you have any source of income, that amount goes against your ability to draw full unemplyment benefits. Annuities, dividends, retirement plans, etc are all sources of income and have a bearing on unemployment benefits.

 
 
 
 
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