What happens to my 401k when I quit Transamerica?
What happens to my 401k when I quit Transamerica?
Once you take all of your money out of your retirement plan, you lose your tax-deferred investment benefits. Here’s what you can expect if you cash out: 20% will be immediately withheld for federal taxes. 10% IRS early withdrawal penalty if you are under the age of 59 ½ (additional state penalties may apply).
