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I want to cashout 401k?

Jul 04, 2015 by esther in  |  Flag
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Frank Reilly Level 20

Before taking money out of your 401(k), take all tax implications and fees into consideration. You are allowed to withdraw funds before you reach 59.5 years of age, but there are fees that come along with doing that.

If you need any additional help with your 401(k) such as when to take money out or how much, please feel free to call us at (800) 682-3237 or email: info@rfawealth.com for a free 401(k) tuneup.

Comment   |  Flag   |  Jul 06, 2015 from La Mesa, CA

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Richard P Taylor Level 17

Esther, you can certainly do that. However, I would highly suggest that you understand the tax implications of taking assets out of a deferred taxation vehicle, like a 401K. Also, be aware that if you are younger than 59 1/2 years old there is also a penalty involved. Please speak with your CPA/Accountant about the tax ramifications to you in doing such a thing.

As advisors we try to find other solutions than taking retirement assets out of your 401K. We do not know your personal situation on this forum. I think it would be in your interest to speak face to face with a planner in your area before making this decision. Good luck.

Comment   |  Flag   |  Jul 06, 2015

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