What can I do with my 401K?

I have a 401K plan through my current job (a crappy retail job; I have a soon-upcoming government job I've been hired for). It's not a lot of money in there...as they don't pay that great. "Total assets" of about $440 according to the site (Vanguard). It's a stupid "Office Depot Retirement Savings Plan 401K". I'm of course probably leaving this job soon...or will just keep it as a side job about 1-2 days a week for a little extra money. I know I can 'roll over' the 401K probably, to whatever 401k the gov job has. But I'd rather just take the money (if possible, by drawing it out somehow?) and pay something with it. I need to get a car soon. I'm still quite young...not going to 'retire' in life, anyway. I plan on working 'til the day I die. How can I draw this out in tangible form? It's a "Vanguard LifeStrategy Moderate Growth Fund". 40% bonds, 60% stocks. Will they try to make me 'pay it back' if I do? Isn't it *mine*? I've heard of this happening, though. Thanks.

Well...after 30% cut out of it for the gov and taxes...that would almost not be worth taking it out. But rather, just switching it over. At least for now, until it built up more...or maybe changing it to the other job and "starting over" with it later on (after taking it out).

All you need to do is to ask Vangiard for the money. They will send you a check for 80% of it and 20% to the IRS to start to cover the income taxes you'll owe. Taxes will be at your normal rate (estimate 18%) plus an additional 10% (of the entire amount withdrawn) because you are less than 59 1/2.

Be aware some of the money the company added to the account as matching funds may not be vested yet (if so, its indicated on your statement). That money goes back to your old company.

take the $ out and enjoy yourself (car).
at your next job invest at least 60% in stocks as they grow more over the long term.
also invest as much as you can.
don't forget to put the withdrawn amount on your income taxes next year.

By taking it out of the 401K you not only will have to pay a penalty on it for withdrawing it, but if you withdraw it and take it personally, you have to report it as income on your taxes for the year you withdrawal it. It may be a small amount, but it will be a lot smaller if you withdrawal it and take the money, rather than rolling it over into the new company's plan.