I recently left work because I had a baby. My 401k has a little over 3,000, how much would i have left ?

Question

I have over 3,000 dollars I would like to know how money I would have left. Also if I do deside to cash it how would I do that? where would I go or call?

Answer 1

You need to talk to your former employer.  You will likely pay a penalty for cashing it out now.  You'd be better off rolling it into an IRA.  It's not really that difficult. You just need to set up an account and have the money transferred.  There are lots of brokerages that can help.

www.vanguard.com

www.schwab.com

Answer 2

I recently had a baby too she's 7 months old so CONGRATS

Whomever you have your 401K with would be able to help you or at least direct you to someone who can help you....if you don't have the number and your 401K plan is thru your employer ask your employer for the number to the provider and go from there...

WARNING:  In case you didn't know early 401K withdrawal cause heavy tax penalties so you may be getting only about $1,500-$2,000 depending on age and other stipulations on early withdrawal.....so this is just a forewarning....I do understand about being in a bind so when urgency occurs you do what you have to do

Answer 3

No don't do it.  You will get hit with so many penalty fees that at the end its not even worth it.  Just leave it there, park it in a fund with a good long term track record and forget about it.

Answer 4

If you withdraw the money, you will only receive 80% when you withdraw it.  At tax time, it will be counted as income and taxed accordingly plus a 10% penalty for the early withdrawal.

You would have to call the administrator of the fund.  If you have kept the statements that you get every 3 months, all of the information should be there.

Unless you need this money for some dire emergency, I would recommend doing a trustee to trustee rollover into an IRA.  There are no tax consequences by doing this.

Answer 5

I assume you are not going back to this employer? Transfer it to a Roth or an IRA.

Don't cash out, you will pay penalties and taxes.