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    dmcbay's Avatar
    dmcbay Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 20, 2008, 02:34 PM
    401 K cash in.Penalty?
    My 401 K is ready for rollover. I am currently unemployed and need cash ASAP to pay mortgage, credit card debt, utilities, etc.

    Can I cash it in without paying any penalties for early withdrawl? I do not plan on rolling it over. I am 58 years old and live in New Hampshire.

    Thank you.
    xphelper's Avatar
    xphelper Posts: 220, Reputation: 29
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    #2

    Feb 21, 2008, 10:46 AM
    401k "no penalty withdrawls" are permitted for the following reasons:

    When separation from service occurs during or after the calendar year the participant reaches age 55

    Upon reaching age 59 ½

    Selecting a life expectancy distribution, regardless of age

    Total disability

    Upon rollover of funds.
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