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Do you have to cash your 401K in order to apply for Public Assistance after loosing a job?

 
Anonymous

Asked by Anonymous at 7:10 AM on Apr. 13, 2011 in Money & Work

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Answers (8)
  • We've never needed housing assistance, but when we applied for food stamps we were denied because DH had rolled his 401k over into an IRA. Don't know if it would have made a difference if it was still the 401k, but with the IRA we would have had to cash that out in order to be accepted for food stamps. Call your local office and ask.
    Anonymous

    Answer by Anonymous at 10:48 AM on Apr. 13, 2011

  • No, that's retirement money and they can't touch or count that.
    Candi1024

    Answer by Candi1024 at 8:47 AM on Apr. 13, 2011

  • I would assume so... It is money that you could use to support yourselves til you get back on your feet.
    laird6372

    Answer by laird6372 at 7:22 AM on Apr. 13, 2011

  • I Know they ask if you have a 401K but not sure, as we have never had a 401k. I would think it would be considered income.
    L0vingMy3Girls

    Answer by L0vingMy3Girls at 7:45 AM on Apr. 13, 2011

  • You shouldnt have to no, they will ask you about it but I dont believe you have to cash it out
    Princess_s21

    Answer by Princess_s21 at 7:46 AM on Apr. 13, 2011

  • Start with the company who holds the 401K and ask for information on this. You might also go to the website for your state regarding public assistance and search for info or call the numbers provided on it for help.
    elizabr

    Answer by elizabr at 8:08 AM on Apr. 13, 2011

  • Ask and find out.

    It probably varies by state, but I thought you couldn't have more than $3000 in liquid assets. But it doesn't hurt to call and ask or look it up online. Good luck!
    Erica_Smerica

    Answer by Erica_Smerica at 3:52 PM on Apr. 13, 2011

  • why not - if they won;t let me work, then the government can give me something back
    brieri

    Answer by brieri at 4:22 PM on Apr. 13, 2011