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Hey, My names is Ray A. McMillan. I would like to know how to cash in my 401k plan at this time.

May 29, 2018 by Ray in  |  Flag
2 Answers  |  2 Followers
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Best to open an IRA account and than Roll-Over 401K into that account. Otherwise will be a 10% penalty for withdrawal prior to 59 1/2 plus all will be added to your income for this year. Taxed as income.

2 Comments   |  Flag   |  May 30, 2018
Hari

Hi Peter, Is it better to leave the money in 401K or move it to IRA? I see that IRA is having different kind of fees and it is creating lot of confusion to choose the best IRA. I see that if i leave money in 401K, they are charging fee of 35$. Will my money grow more in IRA compared to 401K after deducting fees etc., in IRA.

Flag |  7 days ago
Hari

Pls advise me

Flag |  7 days ago

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Hey Hari, an IRA is an investment bucket, like a 401K plan. However, you can do anything in an IRA. You have limited choices in a 401K. To roll over a 401K, contact the HR department of your previous employer and have the check put into an IRA with 60 days(time limit)

Comment   |  Flag   |  6 days ago

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