Can You Cash Out A Retirement Plan? 
Its your money , but there may be tax consequences and future ramifications . Any qualified plan monies will be taxed as ordinary income tax . The cashing out of your plan may elevate you into a higher tax bracket . If you cash out before age 59 , there will be an additional 10 % penalty . If you 've borrowed from the plan , you may have to pay back the loan before cashing out . 