Liquidating your 401k

What if your former employer merges with someone else, changes platforms or even, gulp, goes bankrupt?Where should I roll or transfer my 401k account to?You can open an IRA Rollover account up at just about any brokerage or bank.This means you will pay tax on previously untaxed amounts, but you won't pay the 10 percent penalty.

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If you are under the age of 59 and a half and do not get this done, you will be subject to the 10% penalty tax, so don’t play games.One difference from an IRA is that 401k plans permit higher contribution limits and are only available through your employer.Because your employer sponsors the 401k plan, there may be other valuable benefits offered in addition to salary deferrals. The following are key features provide a brief overview to assist you: This material is provided for general and educational purposes only; it is not intended to provide legal, tax or investment advice. We recommend that you consult an independent legal or financial advisor for specific advice about your individual situation.With a , however, you’ll be getting a check from your 401k sponsor after you request liquidation.

You will then have the responsibility to deposit this amount into a rollover IRA account within a a certain amount of time (discussed below).

If you find yourself in desperate financial straits, however, you can withdraw the money early, but you'll face income taxes and extra tax penalties.

Liquidating your 401k comments

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