I want to take all my $ out of my 401K (left employer so no more matching). Is there any benefit to rolling over to IRA vs just cashing to my bank account? Also, there is no 10% penalty now because of COVID, correct?

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PLEASE DONT DO THIS

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Can you pls elaborate? I plan to invest it back into market but don’t want to be tied up till retirement

funnysmart

Do you have an urgent need to cash out? Given that the tax rates are relatively low currently I would recommend rolling this over into a ROTH IRA.

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What are you going to do with the money?

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This makes a lot of sense, P1. Thanks for the elaboration. I think I’ll aim to move it into a Roth IRA account.

1) if you roll over to an IRA (either traditional or Roth) you’ll continue to receive tax benefits 2) the 10% CARES act waiver for the first $100k of withdrawals was for 2020. It does not exist in 2021. There’s a similar, but not the same, QRD waiver that you need to see if you qualify for.

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Rollover to IRA so it's there in one place along. Don't withdraw it if it's not needed as Penalties are waived, but not the taxes. You still have to pay it back within next three years to avoid penalty. As long as you have emergency fund I would not interrupt the compounding on the retirement accounts. Hope this help!

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Yes there is a benefit - the 401k is a tax advantages vehicle and you should keep it there or move to an IRA.

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