Anonymous
Anonymous asked in Dining OutArgentinaBariloche · 4 months ago

Should i cash my 401k check?

Basically my employer that fired me mailed me about my 401k telling me i need to take my money (it's 1000, 886 dollars to be exact). But i keep reading online that cashing out has many cons BUT im also very broke at the moment so i could really use it haha. Im also 25 what should i do?

Update:

(It's under 1000, 886 dollars) **

3 Answers

Relevance
  • 2 months ago

    Talk to a financial adviser at your bank.

  • 3 months ago

    Nope, just let it be.

  • Anonymous
    4 months ago

    At the end of the day, it's only $886 dollars. But there will be a 10% early withdrawl penalty and a 20% withholding for taxes (some you may get back) if you cash it in very rolling it over into an IRA (assuming someone is interested in $886).

Still have questions? Get answers by asking now.