Source: http://www.thriftyfun.com/tf36850094.tip.html

What Should I Do With My 401K After Losing My Job?

Unfortunately I will be losing my job on Sept 14th. I will be 7 months pregnant at that time and my severance pay will hopefully carry us through on bills until the end of the year. However, my company has a 401k plan that I have never contributed to but they apparently have been putting money in it for me for the six years I have been here. I am 100% vested and the acct has about $2900.00 in it. What should I do with it?

It doesn't seem to be enough money to roll over into anything and I have no accounts anywhere to roll it over into. If I cash it in do they automatically take out the 10% penalty and 20% for taxes or just the penalty? Even if I got $2000.00 of it, it would go a long way to help us out financially until I recover from a third c-section, enough to look for another job. Any suggestions? Thanks.

Cindy from Lorain, Ohio

Source: http://www.thriftyfun.com/tf36850094.tip.html

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