I have a 401k account at my former employer. If I needed to get access to the cash, what are my options?
Answer: As a former employee, you can request the distribution of your 401k assets at any time. Simply contact your former employer and ask for the forms necessary to make a lump-sum withdrawal. Your former employer will be required to withhold and remit 20% of the amount to the IRS as a "down payment" on income taxes. Further, if you are not at least age 59½, you may owe a 10% early withdrawal penalty.
