Open Question: 401k early withdraw advice needed?

5 January 2009, 7:06 am

I need advice on early withdraw of my 401k, i need money badly to take-care of some business and the only option that I have is my early 401k withdraw. I just change my job and my new job don't have 401k plan, they only have Virginia Retirement Plan, but i had a plan with my previous job and since I am not working there anymore my money was just sitting there, so i called them today about early withdraw and I was told that if I withdraw it now I am going to pay 20% for federal and 10 penalty. Is there anyway i can withdraw without paying all this. If I rolled it to IRA will I be able to withdraw it immediately without pay the 20% for the federal and 10 penalty. please advice me. Thanks... Read More »

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