I need to cash in my 401k plan from my previous employers. How do I acces my information regarding this. Is there a web site I can go to and put in my ss# or something?
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I need to cash in my 401k plan from my previous employers. How do I acces my information regarding this. Is there a web site I can go to and put in my ss# or something?
You can go to the investment site where you have the funds through. There is an option to register and manage your account. You should be able to access your info and/or cash out, get loans, etc.
There should be contact information on your quarterly account statements. Failing that, you can contact the HR department at your old employer and ask who to contact.
But before proceeding - are you aware that if you are under 59-1/2 years of age in most cases you will have to pay a 10% early withdrawal penalty as well as income tax on your withdrawal? Have you thought about other options, such as a home equity loan? And if you are using this money to buy, build, or repair a first home, or for medical expenses that are greater than 7.5% of your adjusted gross income, or for qualified education expenses, you should consider rolling your old 401(k) account into a rollover IRA, and then withdrawing the money from there, as withdrawals from an IRA for these purposes allow you to avoid the early withdrawal penalty, whereas withdrawals from a 401(k) for the same purposes do not.
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