I have total market value of 11,000.00 in a company pension that generates 5.8 percent interest.?

[Richard Anderson]

If you have a pretax deferred plan you can't cash out early prior to 59 1/2 without paying the tax and a 10% penalty to the IRS and state. If this money was paid after tax there is not tax or penalty. If all this money is in a defined company pension plan you pay tax on what you withdraw but no penalty. Find out exactly what you have before you do anything or you may set yourself up for a huge tax bill that might be avoided.