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You can cash out your retirement plan if you are vested and have access to the funds. But it may not be a very good idea, considering tax and other consequences.
Consult an experienced financial planner (not a part-time worker, a media-related person or someone with no references). He/she will review your best options.
Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
Cashing out a qualified retirement plan should be the absolute last resource to turn to during a period of financial need. The distributions will trigger an ordinary income taxable event and if you're under age 59 1/2, a 10% penalty. Borrowing may be an option, but most plans charge interest and impose a payback schedule.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Your contributions to a retirement program are available at any time subject to a penalty from the IRS and taxation as ordinary income. The company’s contribution might not be available at all. Check with your plan administrator to determine how much you can withdraw. Check with your accountant to forecast how much you will owe in taxes.
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Consult an experienced financial planner (not a part-time worker, a media-related person or someone with no references). He/she will review your best options.