Can You Cash Out A Retirement Plan?
0 POINTSContact Meview profileDavid RacichPROFountain Hills, ArizonaIt’s your money, but there may be tax consequences and future ramifications. Any qualified plan monies will be taxed as ordinary income tax. The cashing out of your plan may elevate you into a higher tax bracket. If you cash out before age 59 ½, there will be an additional 10% penalty. If you've borrowed from the plan, you may have to pay back the loan before cashing out.Answered on June 30, 2013+01+1 this answer
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10968 POINTSview profileTim WilhoitOwner, Your Friend 4 Life, Brentwood TNCertainly if it is your retirement plan you can cash out. However, there are many things to consider. If you are younger than 59.5 years old you will incur income taxes and a 10% penalty plus the fees associated from companies and advisors who will charge withdrawal fees and surrender charges. It is not advised just to "cash out" a retirement plan at any age. I highly recommend finding a trusted advisor to walk you through this process.Answered on June 19, 2014flag this answer
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