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Asked 9/17/2009
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Should I cash my 401k? I am 37 and I have just started a new job that does not have a 401k. Should I cash out my 401k from my old company? |
Answer 1/3 - Submitted 9/17/2009
Answer 2/3 - Submitted 9/17/2009
If you cash out your 401K, there will be penalties and taxes that you will have to pay. Since you no longer work for that company, you may want to look into rolling it over to a new account. That way it will continue to grow and there will be no penalties at all. Read through this and it will tell you everything you need to know in order to make the decision you have to make
http://genxfinance.com/2009/01/15/how-to-roll-over -your-401k-when-you-leave-or-lose-your-job-the-401 k-rollover/
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