01/22/2013 11:24 am ET Updated Dec 06, 2017

The Truth About Cashing Out Your 401K, From Suze Orman (VIDEO)

Do not cash out your 401k early! Personal finance expert Suze Orman was adamant about leaving your 401k alone until retirement when she joined me on Mondays With Marlo. You will be taxed on your 401k and pay a 10% federal tax penalty on any amount of money that you withdraw. You will also pay a state tax penalty.

To learn more about The Approved Card designed by Suze, click here.

For more advice on managing your money, see Suze's personal finance tips:

Suze Orman's Financial Advice

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