Some are changing their spending habits while others are worried about their future quality of life.
  • ChickenLadyLovesLife@lemmy.worldEnglish
    6·
    2 days ago

    You can cash out a 401k but you’ll pay a 20% penalty and then have to pay taxes on the remaining amount - since the money put into a 401k is untaxed until it’s drawn upon. Liquidating your 401k is a desperation catastrophe.