[Andy4639]

Originally Posted by 68c10airstream

Hi Andy, years ago when this co-worker and i were younger (40ish) he cashed in his 401k for a down payment on a new van. I cautioned him that he would get 60 cents on the dollar in the account. He told me it had 10k in it. I said he will be hit with a 10% penalty for withdrawl before 58 1/2, and said to take the taxes out upon withdrawl otherwise it's taxable income at the end of the year. Anyway he did it and got $6100 after penalty and taxes removed. Maybe this is all changed now, but he hated me that day i told him but later appreciated the info and saved the tax hassle later. Just trying to be helpful, don't mean to pry as money and personal matters can be a hot subject! Good luck, Brian F.

Yea I know,
I'm closing out the account. I opened it back when I first started working for D/E 35 years ago. The account isn't very friendly when I want to move it. I'm transferring most of it to our joint 401K so I can move it around better.
I'm keeping enough out to finish the remodel of the house and the truck though.