“There really is no way to say - cash me in - I’m going home.”
Actually, I think there is, at a cost — pay your federal and state taxes and early withdrawal penalty of 10% in addition, possibly additional early withdrawal penalty to your state as well. Check with your 401k plan.
Of course, I wouldn’t recommend withdrawing your money because you won’t have much of it left.
Most 401ks do offer options of stock funds, bond funds, money market (which is cash) and those funds usually do about as well as some average funds. What makes you think you are so investment savvy that you could do better on your own?
I’ve seen many people like you who get such idea in their head, then unscrupulous people take advantage and sell them property in the moon and so on — I am being sarcastic, but they are being offered “better” investment options, then they come crying, when they find out they’ve been scammed. Even supposedly sophisticated investors fell for the Madoff scams — people get greedy, they aren’t happy with “average” return, then they end up losing it all.
Looks to me you are on your way there...
Innovative said “Actually, I think there is, at a cost — pay your federal and state taxes and early withdrawal penalty of 10% in addition, possibly additional early withdrawal penalty to your state as well. Check with your 401k plan.”
Having tried to do exactly that - the answer was no. I was told it was not possible. The only way out of the plan was termination of employment.
FWIW the NO answer came from my employer and not the plan administrator. The plan administrator has actually been very forthcoming and honest.
Like I said before, I decided I couldn’t work for them any more so now I get to figure out the net present value of tax + penalty vs investment that is free from future legal changes regarding sanctioned retirement. Being free of wallstreet and .gov, at least a small arms length, does have upside as far as I can see.