Archived Money in pension account

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Hello everyone,

My husband and i have both been at a target DC in california for nearly 7 years now. We plan on leaving the company early next march as we are moving back to my home country, Australia. I have found out that we can 'cash in' our 401ks, which will help with our move, but what about our pension plan money? We both have a little over $5,000 in each. Does target give you that money too, or do they keep it till you come of retirement age. That money would help us so much to buy things we will be needing back in Australia.

How long after leaving the company does target release your money to you?
 

buliSBI

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Remember if you cash out you will be taxed a penalty fee for early withdrawal.
 
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You will pay a penalty of 10% + income tax on the 401k.

You can "retire" from Target as soon as you leave the company, so the pension money can be accessed, but then again, you will be charged income tax.

Look into it with a tax pro, as you may take a pretty hard hit with taxes..
 
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Thanks for all the replies. Yes I knew about the penalty payment on the 401k. Hopefully I can get it kind of fast...I can't really wait 2 months after leaving the company. I need that money to move! lol
 
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