What Would Happen If I Close My 401K?

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   John Cole

   Recruiter/Manager, Cole Insurance Investments, Charlotte N.C.

   You don't want to close your 401k due to the fact you will be taxed on the income that it generated. The best way is to roll the 401k over so you can take the interest earned tax free there are several ways to do this you need to consult a financial planner and look at somethings this money you save now tax free will be needed much more in retirement due to taxes and inflation.

   Answered on July 29, 2014

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