Currently an overnight manager at a Sam's club waiting to see if the ax falls lol.
Can someone that's taken a severance package please give some details on what they gave you
as a member of management?
Also has anyone had to "cash out" their 401k? Can you get to it and cash it out if you had too or how does that work? I know there are tax penalties. Thanks
Please call a professional if you are uncertain about your finances. Don't take financial advise from this site.
d gal = talk
Call a financial planner a d gal with them. I use Edward Jones. They have been great.
no penalty for cash out IF you do a roll over to IRA traditional or Roth IRA. i chose IRA traditional, no tax until you take all or portion of it. in order to avoid a so called cash out penalty, the check from Merril Lynch will NOT be made out to you but to the institution that holds IRA. PLEASE do not do anything online. go to your bank and talk to the FINANCIAL PLANNER. if you are layed off Merril will send a detail pkg it’s very clear but the advisor will tell you more. any loans against it will have to be repaid. no taxes or penalty if rolled to traditional or roth. each hold advantage it just is what’s right for you. if that cashout ck is made out to you and you roll over in 60 days it will be reflected in your tax return as $ back, but why would you do all that?? oh yeah walmart will keeps 20$ for their time and trouble to close the acct. lol. merril will keep you on phone for 20 min trying to get you to roll over with them. again your choice. i obviously pulled mine and went thru my advisor. i want face to face contact and they will help you whereas merril just wants your money total cash out is taxes and close out fee deducted from total.
I would not recommend cashing out 401k unless it is your last option. Either leave it alone or roll it over into another account. You lose too much to just cash it out. Just my humble opinion, it is your money do as you see fit at the end of the day.
I believe You should receive one week for every year of service. In regards to your 401k the penalty is waived if you are between the ages of 55 and 59 . You still have to pay taxes no matter when you cash it out
What if you don't want to cash out, but roll it over into another account like an Roth IRA?
You can cash out your 401K , but you have to wait 30 days after being laid off. There is a 10% penalty & probably another 20% in taxes. I’ve called and checked already.