Individuals that wish to cash out a 401k should be informed of all of the fees and penalty dues that will be charged if the fund is cashed out early. 401k accounts are the governments way of ensuring that individuals have a savings plan specifically meant for retirement. The past several decades of the economys fluctuation and different situations has prompted companies that offer 401k services
. to implement larger percentages of penalties for any withdrawl. These penalties and fees are meant to discourage individuals from touching the savings account until it is absolutely necessary, or until the individual reaches the age stated in the paperwork.Many companies that have employees offer a benefits package that includes a 401k for retirement purposes. Many of these employers offer to match a certain percentage of investment from the individual. The maximum percentage that employers may be willing to match has been approximately 15%, depending on the size of the company. The percentage is usually only matched until the balance of the 401k reaches a certain amount, and then the employer drops the contribution to a smaller percentage. This is another incentive to allow individuals to create a retirement fund. However; individuals should be wary, as some companies have exclusive 401k accounts that can not be transferred to other companies.There are several calculators to allow individuals to estimate how much of the balance they will receive if they decide to cash out the 401k. For Windows-based computers there is a download of a 401K calculator at WareSeeker.com at http://search.wareseeker.com/401k-calculator/ for free. The Money Library also has a download of a 401K calculator at http://search.wareseeker.com/401k-calculator/. There are a variety of articles explaining all anyone needs to do to recover the 401K investment.More information about 401k and the fees regarding 401k accounts can be discussed with the human resources department of any company, or a personal accountant. More reference links: www.wellsfargoadvisorsinfo.com https://401k.fidelity.com
