Can I get my 401k BEFORE quiiting work?

#4 02-10-2006, 08:59 AM

Some plans may allow for in-service withdrawals. Check the plan summary.

"Rich Carreiro" <rlcarr[at]animato.arlington.ma.us> wrote in message
news:m34q38ba44.fsf[at]animato.home.lan...
- quote -

> me[at]privacy.net writes:
> > Can I get my 401k from work BEFORE quitting my job?
> No.
> --
> Rich Carreiro rlcarr[at]animato.arlington.ma.us

#3 02-10-2006, 01:40 AM

In article <v02nu1pai8eupvs8ot778qq5pvt1hiq7u6[at]4ax.com> , me[at]privacy.net
wrote:

- quote -

> Can I get my 401k from work BEFORE quitting my job?
> Id like to roll it over into my own fund since work
> doesn't do any match at all.

In many cases, yes. The real question is at what cost?
You might be able to get a distribution. There likely
will be huge taxes and penalties. You might be able to
take out a loan, then never pay back the loan. Again,
it becomes very expensive.

Why would you want to take it out? You are contributing
pre-tax, and it is growing tax-deferred. That is a pretty
good deal.

-john-

--
================================================== ====================
John A. Weeks III 952-432-2708 john[at]johnweeks.com
Newave Communications http://www.johnweeks.com
================================================== ====================

#2 02-09-2006, 08:14 PM

On 2006-02-09 14:48:58 -0500, Rich Carreiro
<rlcarr[at]animato.arlington.ma.us> said:

- quote -

> me[at]privacy.net writes:
> > Can I get my 401k from work BEFORE quitting my job?
> No.

Well, as miracle Max might say, "*mostly* no."

Some 401ks allow for funds to be routed into an external brokerage
account, offering access, usually, to a much wider list of funds.

Ask if your 401k has a "mutual fund window".

It doesn't get your money out completely - ie. it's not like
cashing it out (and paying taxes and a 10% penalty, which you
don't want to do anyway). But it gets you access to funds
which you may like better than the ones your employer offers.

--
Plain Bread alone for e-mail, thanks. The rest gets trashed.
No HTML in E-Mail! -- http://www.expita.com/nomime.html
Are you posting responses that are easy for others to follow?
http://www.greenend.org.uk/rjk/2000/06/14/quoting

#1 02-09-2006, 06:48 PM

me[at]privacy.net writes:

- quote -

> Can I get my 401k from work BEFORE quitting my job?

No.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

02-09-2006, 06:43 PM

Most likely not. Check with your plan administrator to see if the rules
for your plan allow pre-termination distributions.

Dave

#-1 02-09-2006, 05:18 PM

Can I get my 401k from work BEFORE quitting my job?

Id like to roll it over into my own fund since work
doesn't do any match at all.

Similar Threads
Thread	Forum	Replies	Last Post
How Does It Work? Geo: What accounting system does Money use, and how does it work? I learned the basics of accounting about 20 years ago. A college kid taught me...	Microsoft Money	5	01-09-2007 05:51 PM
401K Manager or Balancing 401K Account Joe Doe: Can anyone make the case for me to go through th exercise of balancing a 401k account or balancing through the 401K manager? I am careful to enter...	Microsoft Money	2	01-08-2007 05:14 PM
Difference between 401k and single member 401k Grok: I would like to know what differences other than the fact that a single 401k has one member exist between these investment vehicles? Are they...	Financial Planning	1	10-16-2005 11:17 PM
Quicken 401k to Money 401k Jim: Just replaced my Quicken with Money 2004. Everything converted well. Only thing I can't figure out: I have an account "My 401k" ... in Quicken.. ...	Microsoft Money	1	10-05-2003 01:07 PM

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode