http://qvisory.org/posts/what-to-do-with-your-retirement-plan-if-you-leave-your-job.xml Tue, 26 Aug 2008 14:25:23 GMT http://qvisory.org/posts/what-to-do-with-your-retirement-plan-if-you-leave-your-job#comment_4179 I am a little above the 18-34 age limit, in fact I am 36, but I thought I would share this story anyway. A couple of years ago I had a 401(k) plan from a job that I had left, to take a better paying job. At the time I felt that I was young enough that I could cash in my 401(k) and use it eliminate some mounting debt and did so. The money was taxed once when it was cashed out, and in my naivete it was taxed again at tax time to a total of about 40% I believe. The little bit of debt I was able to pay off with my 401(k) was increased again due to having to pay more tax on the 401(k) payout. Seems it was all for nothing. Needless to say I learned the hard way about federal tax penalties. To date I have not been able to recuperate any type of retirement plan. And although my debt isn't completely out of control I do not know how people are surviving these days with the rising cost of EVERYTHING and no help or end in site. Tue, 26 Aug 2008 14:25:23 GMT http://qvisory.org/posts/what-to-do-with-your-retirement-plan-if-you-leave-your-job#comment_4179 HK