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?
(It's under 1000, 886 dollars) **
- Sunday CroneLv 74 months ago
Talk to a financial adviser at your bank.
- 5 months ago
Nope, just let it be.
- Anonymous5 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).