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6 Factors to Consider Before Cashing Out a 401(k)

September 20, 2018

From the U.S. News & World Report website

If you switch jobs and have a 401(k) through your previous company, you may have the option of cashing it out.

Many employees choose to take the money instead of keeping it marked for retirement. Among investors, one out of three has cashed out a 401(k) before age 59 1/2, according to data from Fidelity Investments.

However, before taking money out of the account, it pays to evaluate your reasons for the withdrawal, as well as the financial consequences that could result from the distribution. Here are some factors to consider before cashing out a 401(k).

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