Print

Finance >> Browse Articles >> Retirement

Rate

Meltdown 101: How Layoffs Affect Retirement Plans

Meltdown 101: How Layoffs Affect Retirement Plans

CANDICE CHOI, AP Personal Finance Writer

Q: Should I take a lump sum or keep it in a retirement account?

A: If you cash out a 401(k) or pension, it’s subject to income taxes and a 10 percent penalty if you’re not yet 59 1/2. So it’s to your advantage to roll the money over into another retirement account, such as an IRA. If you find a new job, some companies let workers roll over money from past retirement accounts into current 401(k) accounts.


Recent Activity

Photo_user_blank_big
hotmother received the quiz result of "51-75% correct", 1 day ago.
Photo_user_blank_big
dank gave a thumbs up to The Article "10 Steps to Becoming a Firefighter - For Military Service...", 2 days ago.
Photo_user_blank_big
SJFDProbe4lyfe received the quiz result of "51-75% correct", 3 days ago.
Bud_in_deep_thought_max30
Engineerk7 commented on: "Bud Hurlbut", 6 days ago.
Bud_in_deep_thought_max30
Engineerk7 commented on: "Bud Hurlbut", 6 days ago.