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    crybarn2003's Avatar
    crybarn2003 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 26, 2011, 04:08 AM
    I do not want to be in a 401k. Can I get out of it and get my money?
    My 401k started as a saving plan and the company turned it into a 401k. I do not want to be in a 401k and I want my money but want to stay in the same employment. Can I get my money?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Sep 26, 2011, 05:26 AM
    I'm curious as to why you don't want to be in it. A 401(k) is still a savings plan with tax advantages.

    Whether you can get out will depend on your company rules. So you need to ask your plan admins about an in-service withdrawal. If you can, you will be subject to taxes and penalties.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #3

    Sep 26, 2011, 06:15 AM
    Assuming you are under age 55 and are still working at the company where you have this 401(k) - in general the answer is no, you cannot take the money out of the plan unless you need to use the money for certain defined "hardship" purposes. And if you did use the money for one of these hardships you would have to pay income tax and early withdrawal penalty.

    Best to leave the money in the account at least until you leave the job. You can opt out of future contributions to the plan. But given that a 401(k) is such an execellent long-term savings tool, where do you plan to invest your long term savings instead?
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