Have you updated your will lately? It’s something that’s easy to forget between making school lunches, shuttling children to numerous practices and helping with homework. But even if you remember to update your will, according to a recent report by Fidelity, there’s something else that you might have forgotten: updating the beneficiary on your 401K accounts.
The only time it is ever a good idea to cash in a 401 (k) retirement plan early is if you are the beneficiary of the deceased owner of the 401 (k), you actually are in dire need of the money, and you are in a situation where the tax implications for doing so do not cause you any additional penalties. Other than that, there is really not many good reasons to ever cash in a 401 (k) retirement plan retirement account early. Continue reading