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Karla
Karla, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 141
Experience:  15 years experience in business as both accounting and auditing management
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How long does it take to get money out of a 401K

Resolved Question:

How long does it take to get money out of a 401K?
Submitted: 5 years ago.
Category: Finance
Expert:  Karla replied 5 years ago.
Hello and thank you for using Just Answer.

If you are still employed with the company in which you enrolled in your 401k, than depending on the plan, you may not be able to get the money out. There are rules in place that would allow you to take a loan against the 401k.

If you are no longer employed than you should be able to get your vested portion immediately. You should be able to make the request directly with the company that administers the 401k. Of course you will need to make decisions such as roll-over or total distribution and the with-hold or not to withhold tax.

If this answers your questions, please accept my answer, if you require further information, please let me know.
Customer: replied 5 years ago.
How long would it take? Also, can I elect to not have any withholdings taken out?
Expert:  Karla replied 5 years ago.
Yes you can elect to have no withholding taken.

If you are no longer employed with the company than you should be able to get your vested portion immediately. You should be able to make the request directly with the company that administers the 401k.

I believe the standard is a week to 10 days to allow for check printing and mailing. You may be able to get it sooner if you have the option of direct deposit. You may be charged a fee for that.
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