23 News financial expert Scott Laue says you can take your retirement plan with you wherever you go. If you’re out of a job or considering a job change, he says think about moving your 401-k to an IRA. Laue says that will allow you to continue delaying taxes on your retirement, and to avoid an early withdrawal penalty. But, Laue says, if you have a good retirement pot with your former employer leave your money there or roll it over to your new companies plan. If you do decide to cash in, you will get a check for the balance minus 20 percent withholding for income taxes.
How can you break even? That all depends on your age, and your return percentage annually.