[Dotty47]

Hi. I am 62 yrs. Old. Working for the same company for 16 years. I am laid off now, will be 7 weeks before they decide if any one can come back. I have a 401K. Never had much money, single, alone, but had them take out 1%. Then this depression happened and the stock market thing happened. In 2007 I had 8,116.00 and in December of 2008 I had 4,940.00 and as of March of 2009, I have 4,259.00 I don't think I will be called back to work on June 1st. I am considering moving to North Carolina (I live in Wisconsin now) if that happens. I'm not even sure I can come up with enough money to move. My question is, if I withdraw all my money now, how much would I end up with after state and federal taxes? An approximate amount would be helpful to know. You can see, this isn't much of an retirement plan so what do you think? Also, how long does it take to get it if I do it? Thanks for any ideas. Kathy :o

[ScottGem]

If you are terminated, you can take the money out without penalty. They will still take 20% for federal withholding against your tax liability. What you will actually have to pay depends on your total tax liability for the year.