Tax consequences of liquidating 401k

The cons of withdrawing money are common to all retirement accounts, but with different wrinkles depending on the laws and regulations that govern them.

For example, let's assume you are 30 years old, and have a 401(k) balance of ,000.When you switch jobs before retirement, you usually can choose among several things to do with your 401(k): It may be tempting to choose the last option and use the money to buy a new television, take a cruise or even to pay off a debt.And you would not be alone in thinking that way: A recent study indicates that 45 percent of employees cash out their 401(k) plans when they change jobs.If you are thinking about cashing out your 401(k) when you change jobs, think twice. You might be about to forsake a financially secure retirement.We are using this Alert to educate investors to the potentially devastating impact cashing even a modest amount of 401(k) assets can have on retirement savings.

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