What to Do Before Cashing Out a 401K
A 401K is an employer-sponsored retirement savings plan that employees can contribute to pre-tax, thus reducing their annual tax liability. Some employers also contribute to the account as a benefit to the employee. A 401K is a valuable part of a long-term financial and retirement plan that all employees should take advantage of. But you may be in a financial situation and considering cashing out your 401K. Before doing so, you need to consider the consequences carefully. Here, we’ll cover what steps to take before you make the decision. Understand the Consequences Before Cashing Out a 401KWhi...