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The True Cost of Cashing Out Your 401(k) 💸
Did you know that cashing out your 401(k) when changing jobs is one of the most expensive financial mistakes you can make? 🏦 Rather than rolling it over, many people choose to cash out, resulting in immediate income taxes on the full amount, plus a 10% early withdrawal penalty. For a $50,000 balance, that can easily cost you $15,000 to ...
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