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by johnnyrod on March 21st, 2007

johnnyrod

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I got fired about a year ago I have money in a 401k plan they say i can not get my money out or even roll it over they call it a 401k penison plan and want let me have iam broke and need the money bad i have no job or any income i need my money

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Answers. 3 helpful answers below.

  • by laobali on June 10th, 2009

    laobali

    If you are not yet 55, when you can withdraw without a penalty, you need to find some sort of job while you are still capable of working. It may have to be something quite different from what you are used to. If you dig into your retirement savings now, your future will be even worse.

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  • by postmuffin on April 15th, 2007

    postmuffin

    I don't believe they can keep you from getting your money out if you no longer work there. You will have to pay a penalty if you draw it out, but if you really need it, you should be able to get it. If you have trouble dealing with your former employer, have a bank or investment company contact them for a rollover. Then, you can get the money from the new company.

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  • by Anonymous on March 21st, 2007

    Anonymous

    There are protections in place so that money is available to you in your retirement age, not when you fall on hard times in your youth. I can understand where you are coming from, but is there really no job you can do - not even stacking shelves in a supermarket? Surely there is something you could do? Sorry to sound rude, as that is not my intention, but I worked in a supermarket for many years, and even if it was thankless it was an income (even if a small income as I was casual).

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