I got a letter in the mail a long time ago from my employer asking if I wanted to enroll in a retirement plan, to attend a meeting, and if not, they'd assume I wouldn't want one. I didn't go.......and then at the end of the year I got a letter saying how much I have in my retirement 401 (K) account. And I've been with that company for 3 years and it shows the money was added last year. I'm quitting in 2 weeks because I'm moving...... how do I get the money out? Will I get it in a check form? How soon? The letter shows the name of my financial professional who is from some other company. & his email. Can I just email him directly and ask for my money to be withdrawn from my account and sent to me? I tried going to the financial group's website & there's no way I can enroll.....the letter says I can log in and have automated transfers.....but the website needs my user name & password and I don't have one (& there's no link to sign up), & the letter doesn't say I have one.

It's a growing trend for employers to automatically enroll their employees in a 401k but, not all do.

Don't withdraw money!! You lose 25-40% due to taxes & penalties

You can establish IRA at any bank or brokerage--they can get the 401k money and roll it into an IRA ... No loss, no withholding

More employers are automatically enrolling employees

It's a good thing as it lowers your taxable income and builds a retirement fund for your future

Should have noticed this on paystubs, w-2s, when doing taxes

Most companies match some of your contribution--so not participating leaves money on the table

So a year ago you did not even notice that your paycheck had gone down by the amount they were depositing to your account?

It is a normal practice these days to enroll you automatically if you do not actively opt out, and it is legal so forget about any of that. Had you questioned this the first month you saw the deduction you could have reversed it without penalties.

Now, unless you want to pay a large early withdrawal penalty, along with the income taxes that were not collected at the time of the deduction, you need to leave it in a tax deferred, qualified account. You can leave it with the company managing the 401k but you cannot contribute to it further.

You can also get a rollover withdrawal from that account, and open a self-directed IRA at some other institution of your choice. The current company will issue a check, and you have a fixed number of days to get it deposited to a new qualified account and not face losing a quarter or more of your money to taxes and penalties.

This second option would be the best idea for you, since you can continue to contribute to that IRA in future years, to help prepare for your eventual retirement. Hopefully this will be the thing that forcibly gets you saving for that event at an early age since you don't give the impression that you feel it is important.

sounds to me like that retirement program was one in which your boss would contribute part and you would contribute part. I don't think you get the employer's money if you don't contribute, and there may be a limit even then about taking it out if you haven't been contributing for a certain amount of years first. I'd be surprised if you ever get that employer's money. Usually it's the human resources department that works with the retirement funds but sure if you have any questions then email that person.

some do it automatically - you can opt out opr change your contribution to zero or anything else at any time. HOW did you never notice 40ak contributions coming out of your paycheck? - you can leave the money there or roll it over to an IRA. DO NOT WITHDRAW IT - you will lose 10% to early withdrawal penalty PLUS have to pay income tax on the money - Call a mutual fund company and ask them to help you do a rollover