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Withdraw your retirement savings.
You can choose to withdraw your retirement savings in a lump sum and have access to your money. However, the Federal Government requires a mandatory 20 percent withholding for taxes and a potential 10 percent penalty for early withdrawal. Some states also require withholding for state income tax purposes.
Options
Through your employer's retirement plan, you've been building up tax-deferred savings. You have four main options regarding what to do with your money.
Options at a glance:

- Roll into an "IRA"

- Former employer's plan

- Roll into a new plan

- Lump-sum distribution

CAPTRUST Financial Advisors, member FINRA/SIPC.