You can cash out whenever you wish but it may take a week or more to receive the funds. Also, you will be penalized for early withdrawal and be taxed on the money withdrawn. It is recommended you leave the money and transfer it to a new employer once you are working again. Seek unemployment first before pulling your 401k is what I would recommend. LaShunda, he needs to contact Human Resources. They are required to provide him with that information.
Don't cash out your 401k. Leave it and roll it over to another 401k when you have another job. You will be penalized and loose a lot money if you cash it out.
Human resources department at lowes should have the information that you would need. He should have received the information when he was terminated. Also if you are over 59 1/2 there is no penalty however you would still owe taxes on any amount withdrawn. Normally the taxes will be withheld from the amount withdrawn.
So who do u contact to cash out ...my husband been there 30+ years over age 60 an ready to cash out got fired a month ago
Thanks! Your answer is awaiting moderation.