A lot of the 401(k)s are being swapped into US treasuries now and people are only being told at the end of the quarter... that is the same as government confiscation.
Stay away from the big banks... they're insolvent. Credit unions are like banks, except they are non-profit.
If you do the rollover, you won't pay the 20% in taxes and penalties.
Without going through all of the math I'll attempt to explain. You can withdraw from the 401K MINUS the loan that will automatically be paid. The retirement, if it's fully vested is yours. Here's the catch. If you are under 59 1/2 10% will be forfeited for early withdrawal and another 20% will be withheld for taxes. This penalty and tax situation also includes the loan. What your actual amount taxable will determined next tax year when you file your taxes. Easy enough to figure out. For the 401K use the vested plus loan (considered a withdrawal when closed out) and what's vested in the retirement. Take away the percentages given and that's what you'll receive. Sorry to see you do this but good luck in the new venture.
Yes, you do have a choice. You can roll this over to a new 410(k) or an IRA and not pay taxes or penalties.
You're off to a great start with savings. Don't blow it now.
i have a problem trying to figure out how much i stand to get if i cash out. not good with math but switching jobs with a job making 3 times as much as i make now but need money to get me out of a pinch. i have new york life and on main screen shows to accounts one is (ingram 401k plan) and second one is (ingram group retirement plan) 1st account is as follows Total Balance: $26,455.94
Vested Balance: $26,455.94
Outstanding Loan Balance: $9,385.40 and other plan is
Ingram Group Retirement Plan$8,587.49 and yes i know its not a good idea really dont have a choice
