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Asked 2/15/2006

I quit my job and my old employer won't let me take my 401k money,where do I get answers on laws about 401ks?

I would like to use the money for dental bills, and they told me at my old job I can't have the money until next december. I know if I withdraw it there will be penalties, but I was wondering if it's legal for them to hold my money until December? It's my money and I should be able to do what I want with it...shouldn't I?

 
 
 
 
 
 
Answers

Answer 1/1 - Submitted 2/16/2006

You can always rollover to your personal IRA account rather than taking the distribution. Taking out the money from 401K not a good thing if you are not of retirement age because you have to give a lot to taxes and penalties.

 
 
 
 

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