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401K Cash Out
I was terminated from my job and do not know how long before I find another. I have $10,000 in a 401K from my past company. I was bringing home approx. $2100/mo and now will only have $1,000/mo. From unemployment until I find another job. I am 56 years of age so it is not going to be easy. Is there a way to cash in my 401K to offset the difference in my monthly income without paying the hefty penalties? Credit is not the greatest so a loan is probably out of the question.
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If you are over 55 when you are separated from employment you can take withdrawals from your 401(k) without having to pay the 10% early-withdrawal penalty. You will of course have to pay ordinary income tax (federal and state/local, if applicable where you live).
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