Ask Experts Questions for FREE Help !
Ask
    BeVigilant's Avatar
    BeVigilant Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 8, 2007, 03:44 PM
    Early 401k Withdrawel
    I would like a total distribution of my 401k. I am still employed and under the age of 59 1/2.

    Merrill Lynch is trying to tell me I am not eligible, therefore refusing to give me my own money.

    I understand the 10% penalty, fine.

    Reasons I seek to cash out are not relevant. I just want my money and ML out of my life.

    Thank you,

    BeVigilant
    gogosean's Avatar
    gogosean Posts: 47, Reputation: 6
    Junior Member
    		  
    #2

    May 4, 2007, 08:40 PM
    Quote Originally Posted by BeVigilant
    I would like a total distribution of my 401k. I am still employed and under the age of 59 1/2.

    Merrill Lynch is trying to tell me I am not eligible, therefore refusing to give me my own money.

    I understand the 10% penalty, fine.

    Reasons why I seek to cash out are not relevant. I just want my money and ML out of my life.

    Thank you,

    BeVigilant
    Transfer your money to a discount broker. This will save you fees on liquidation. If they refuse, send a registered letter to your broker, or the pool of brokers, and copy your attorney. Give them 2 business days to comply with your request. If they do not comply, have your attorney file a claim. Stock Brokers FORCE you in to mediation before you do business with them. Your case will be heard by a panel of brokers and "lay people". Request the mediators that ML pay all legal fees. Never make any written or verbal threats. Stick with the process. Good Luck.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

401K Early withdrawal [ 5 Answers ]

My wife will not listen to me! She feels that we need the money from a previous employers 401K plan to help with paying our bills since she doesn't make much money anymore. She only has about $8,000.00 in there and according to the way I see it, she will need to have 20% fed. Tax withheld, and 8%...

Early retirement and 401k. [ 3 Answers ]

Hi there. This is a question regarding early 401k disbursements and retirement. Here's the scenario: I am 49 and fried. I have the option to retire, not formally but on my own. Barring any kind of part time work income after a period of rest, I would be looking at financing my retirement with a...

401K early withdrawal [ 5 Answers ]

I have been laid off due to a work injury. To survive I must cash in my 401k, but I am trying to avoid the early withdrawal penalty. I have not yet been declared disabled but am currently pursuing this. Our family taxable income is only 26,000.00. I am currently receiving workman's compensation...

401K early withdrawal [ 4 Answers ]

I am in a 401K plan at my work and have been advised our company does not have it where you can get a loan. I need to make withdrawl funds from my 401k to handle some legal fees for a custody battle. Can I just and pay a penalty?

About Early withdrawel on 401k [ 1 Answers ]

What is the penality for early withdrawel for first time home buyers, I was penalised 30% 20 for early & 10% for taxes I this correct

View more questions Search