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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  |  3 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.

View all 4 Comments   |  Flag   |  May 30, 2018
Ben Michael Bouman

Hari, You will have more investment options in an IRA. Better options may help to achieve greater returns. The national average cost of a 401(k) participant is 1.55%, some higher, some a little lower. Don't just look at the $35 fee you see. There is more to it. An advisor can help you complete a "direct rollover" to an IRA thereby eliminating any tax withholding and the 60 day rule. A good advisor can explain the difference between a "direct rollover" vs. an "indirect rollover". Basically, get the check made out to the new custodian for your benefit (FBO) or it can also be transferred directly to the new custodian. No one should ever do an indirect rollover.

Flag |  Jul 27, 2018
Mike

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Flag |  Dec 16, 2019

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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   |  Jun 18, 2018

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