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If you stop working for a company that has a retirement plan can you take cash instead of waiting till you get a certain age?
Wiki User
∙ 11y ago
Possibly, but you might want to consult a tax attorney before you transfer any funds.
AnswerUsually, but of course it may depend on company policy and there could be a penalty.
AnswerYes. You can have "cash in" what you've saved up in your retirement plan. I live in SC and used to be a state employee. I cashed in my retirement after I quit. All I did was called the benefits office. They sent me a form to fill out and send in. It took a few weeks, but I received a check for the amount in the mail. The downside is that at the end of the year, I had to count it as income on my taxes and pay a percentage when I filed my tax return. I was given the option to "roll over" the retirement money to an IRA if I wanted to. I needed the $ so I didn't. Just call your benefits office and they will be glad to help you decide what to do. Hope that helped you out!
Wiki User
∙ 11y ago
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