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Personal Finance and Investing

Talitha

(7,547 posts) Wed Aug 19, 2020, 04:16 PM Aug 2020

Question regarding 401k [View all]

How does someone find out how much is in their 401k, and also find out what the penalty would be if they cashed it out?

He's 41, lost his good-paying job over a year ago (pre-pandemic), could really use the money, and just doesn't know where to begin.

Thanks!

13 replies

= new reply since forum marked as read

Highlight:

Question regarding 401k [View all] Talitha Aug 2020 OP

They should be getting quarterly statements on the account balance MichMan Aug 2020 #1

Have him customerserviceguy Aug 2020 #2

Any early withdraws results in a penalty calguy Aug 2020 #3

CARES act eliminated that during pandemic Skittles Aug 2020 #4

One has to meet certain Covid - related criteria though progree Aug 2020 #6

I'm pretty sure the 10% penalty is waived, JenniferJuniper Aug 2020 #5

Ok thanks, I'll give him a call and let him know what all of your advice is. Talitha Aug 2020 #7

Good suggestions above, here's my two seas..... A HERETIC I AM Aug 2020 #8

I agree! lastlib Aug 2020 #9

Agreed. A HERETIC I AM Aug 2020 #10

Thanks for the additional advice. Talitha Aug 2020 #11

Employer doesn't provide quarterly 401k statements? Sounds extremely very fishy progree Aug 2020 #12

Thanks for all of the info everyone, it's a lot for him to chew on. Talitha Aug 2020 #13