An alarming number of workers cash out 401(k) plans [View all]

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A 401(k) retirement account is supposed to be hands-off. It’s not your money, in theory, but savings for the future you.

And yet, when Americans leave jobs, one-third of them cash out their 401(k) accounts.

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But cashing out a 401(k) is generally the worst option, at least in financial terms.

If you liquidate a 401(k) before age 59 ½, you generally pay income taxes on the amount, plus a 10% penalty for early withdrawal.

https://finance.yahoo.com/news/heres-why-alarming-number-workers-090054435.html