Help? 401K?

Question

So I worked at a place for a few months and when I left I had $1690 in my 401K - retirement. I wanted to cash it out, which would be $1000. I need that money to put a down payment on a new car which I need. Everyone's telling me that I shouldn't do it and to just roll it over to my new job retirement.

Anyone have any idea what to do?  Is it really gonna pay to roll it over? Should I cash it out?

I know nothing about this kind of stuff haha

Answer

By cashing out u take a hefty penalty. That being said,  you have to do what u have to do,  but I can tell u that you will not get what you expect...

If you don't have to cash it out,  don't,  that's free money sitting in there,  transfer it to your new company and keep adding it up

Answer

Girl...401ks are for retirement, don't withdraw that money. Social Security is NOT enough these days, you will be kicking yourself down the road if you aren't saving *now*

If you're interested in learning more about finances, talk to a financial advisor. There's SO much information out there that will help you manage money to maximize your bottom line - all you have to do is put in some time/research to be more confident in how you build your wealth. Your future self will thank you.

Answer

I just changed mine into an Ira. I kind of need the money, but there are less penalties for taking it from the Ira and I am hoping to leave it in there awhile because the money will help later in life if I can leave it alone. Good luck. Also google information on it. When I read about the penalties versus the beneifts of letting it collect interest and talking to fidelity really helped me to make my decision.

Answer

It just depends on your circumstance. That isn't a huge amount of money and won't make a massive impact on your retirement. If it was 50 grand now that would be something else. I personally don't think it's a big deal to cash out that amount and pay tax on it

Help? 401K?

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