Anonymous
Anonymous asked in Business & FinancePersonal Finance · 3 weeks ago

How do I get my 401k out? I quit my job ?

My 401k has like a little over $1,100 in it. I am 27 years old. 

How does the whole “getting it out early” work? I heard I pay it back? Or the tax company or whatever just takes 20% of it or whatever. Idk. All I know is I want the money. I know I wouldn’t get all of it. But I need it. I have a new job already(two to be exact) and I’m so low on money and don’t get paid for three more weeks. I need money BADLY and my 401k is all I can think of. I can’t take out a personal loan with my bank because I already did for my car so I got a little over $3,800 to pay back. My loan was $4k. 

So all I have left is my 401k to get money from. 

How do I get the money? 

Update:

I know. It usually takes about two weeks I just read online. I could have just looked it up anyways instead of coming on here. Duhhh

5 Answers

Relevance
  • 3 weeks ago

    Tell your x employer that you want to withdraw all of the money in your 401k.  They will provide you with the form.

  • 3 weeks ago

    Getting cash from your 401K May take a couple of weeks, so it may be worth your while to find some cash (family, friends) to get to your first paycheck. A last resort before cashing out your 401K would be to use a credit card and pay the balance down fast as possible.

  • 3 weeks ago

    Just be aware that you may only get half of it after taxes and punitive fees. That and you may be living under a bridge down by the river when you are 65.

  • Judy
    Lv 7
    3 weeks ago

    Contact the custodian. If you have your last statement, their info should be on it. If you can't find it, ask your HR people. You have 60 days to put it into a rollover IRA and not pay tax now.

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  • Anonymous
    3 weeks ago

    Contact the company that holds your 401k and tell them you want to cash it out.  It's not like it's going to be in your bank account Monday.

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