Should I cash out my retirement fund?
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erroll
Apprentice
Joined: 05 Jul 2007
Posts: 9
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 Posted: 02/06/08 - 07:11 Post subject: |
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| I am changing company in December and I don’t know what to do with my retirement fund. The brightest idea that pops into my mind is to cash it out but some people advised me to roll over. My balance is $6,500 and I am asking for advice. Is cashing out a good idea? |
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felita
Apprentice
Joined: 14 Aug 2007
Posts: 1
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| Posted: 03/07/08 - 04:03 Post subject: |
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| I don’t think cashing out is that brilliant, so I recommend you rolling over although leaving money in the account is a good solution too. Cashing out draws a few penalty steps such as taxation or penalty charges since you are not 59. You can also swap to IRA funds if you like. Anyways, you can earn money unless you cash it out. |
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