My husband has an old 401k from his previous job and we were thinking about rolling it over into an IRA. It has about $1,700 in it. However, this summer will be very tight for us because I'm a pre-k teacher and I don't get paid during summers. I have found a summer job and we have some savings but I'm worried it won't be enough.
I'd like to cash out the old 401k and put it in our savings account to get us through the summer just in case. How do we go about doing that? Are there any tax penalties that we'll have to worry about? Anything else that's important that we should know?
Submitted March 25, 2017 at 10:12AM by kelley1987 http://ift.tt/2ogASFF
