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Additional Details
Show me some facts or paper cutting...... |
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Cake | I have 45k in my 401 the company is closing in a few months waht should I do? I'm out on workers comp now? |
I had a work injury and have been out of work for about a year now.
The company will not let me take any money out because I'm not working.
What sould I do? |
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City
 |
You'll want to roll that into a self directed IRA. If you take any of it out now, you'll be taxed on it plus charged a 10% penalty byt the IRS. If your current tax bracket is 28% federally and say (depending on state) 7% state....with a 10% penalty you'll lose up to 45% of what you withdraw.
If you roll it into a ROTH IRA then you will be taxed on those dollars as well. I usually recommend...depending upon your financial universe..to roll it into a traditional IRA...and hold it there. If you want you can always open a ROTH IRA on the side...
What state ARE you in? |
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ઈтєlly
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Put it in a Roth IRA |
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bearmeister34
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You will want to roll it over into any qualified plan. The tax consequences are high if you take a withdraw before 59 1/2 years old.
A traditional IRA is probibly your best bet. |
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equityhawk
 |
If you have $45,000 in a company 401(k) plan and the company is closing soon, you might have a serious problem. If you haven't done so already, you can start by writing to the plan administrator. You need to know how much of that money is vested (that means "actually yours"). If the employer has been matching a percentage of your contributions, you might not be entitled to that money until after a pre-set number of years. Your employer or the administrator should help you with that information. Companies that are going out of business should always tell their employees what to do about their retirement plan.
On the bright side, in addition to thinking about legal help, you can contact a real live brokerage company, such as Charles Schwab or Fidelity. Tell the investment counselor your story and ask the representative to send transfer documents to your plan administrator so that you can transfer your account to a Self-directed, traditional IRA. This is standard procedure, and your employer must comply with the transfer request if, in fact, the company is shutting down. Schwab or Fidelity will gladly find out for you what problems exist, if any. Good luck!
Hawk |
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scratchpar72
|
First, you need to find out exactly how much of that money is yours to spend, and how much is "phantom money", that is, monies that would be eaten up by surrender charges, taxes and things of that nature. If the company is closing, I'd make sure that the company is still able to pay that fixed amount. I know that sounds bad, but you really need to "CYA" on this one. If the company is no longer around, what real guarantee will you have that they will be able to pay that amount?
I would recommend moving the money as soon as you know that it is available to you.
Where you should place that money so that you have the best performance? That's another question altogether. |
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deep5223
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Talk to an investment counselor about rolling it into an IRA. If you are under 59 1/2 you will be penalized 10% for early withdrawal if you take it out, plus you will have to pay taxes on it. Rolling it over is your best bet. |
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Susan C
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Roll it over as soon as you are deemed "not employed" by this company. You can do it for free if you stay away from Financial Planners. Message me and I'll give you a safe option that is guaranteed, not in the market to lose your retirement, and a good rate of return. If you need some of it, you can take some out and only pay taxes on the amount taken out + 10% IRS penalty, but it may be enough to help you through a tough time. I do this for people for free everyday. No Risk. Most financial planners will put you risky "not Guaranteed " stocks and mutual funds. There are safer options that will get you a great return. |
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mbrcatz
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You can roll it into an IRA. |
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