{ "media_type": "text", "post_content": "Another laid off case here.\nAnyone moving out of US considered keeping the 401K as is instead of withdrawing? Any pros / cons to keep in mind ?\n\nPro I see is no penalty and the fact that it'll continue to grow till I turn 65.\n\nCon is that it's a decent size amount in my case and I might need some if that cash if I don't get a job soon 🙄", "post_id": "5f63717b1503eb0020e7feb3", "reply_count": 10, "vote_count": 3, "bowl_id": "5abc4bc7cf9bd00013107acd", "bowl_name": "Global immigration " }

Another laid off case here. Anyone moving out of US considered keeping the 401K as is instead of withdrawing? Any pros / cons to keep in mind ? Pro I see is no penalty and the fact that it'll continue to grow till I turn 65. Con is that it's a decent size amount in my case and I might need some if that cash if I don't get a job soon 🙄

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Yo can withdraw without penalty under the provisions of the CARES Act if you were affected by COVID 19.

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Did not know this! Will surely look this up

I am sorry to hear this, have you tried getting a job perhaps at lower level just to maintain status? I am sure you are aware that amazon is hiring like crazy, and so is Facebook.

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EY2: sorry to hear that. I am not sure about tax, but if there is an opportunity at FB then no harm in trying. Will certainly recommend going via referral

I would recommend not thinking of 401K as all or nothing. It’s easy to withdraw everything but think how much you really need. I would try to keep at least something maybe ~50%. Then as D1 said take some without penalties, I think you can do a significant $ amount. Good luck

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