Michael K
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If the plan allows you, you may be able to keep the money in the old plan until you start a job with a new plan.
However, it is probably best to open an IRA Rollover account and transfer the money from the 401(k) into the IRA Rollover. If you keep the money separate from your other IRA accounts, you will still be able to roll it into your new 401(k) account once it exists.
VERY IMPORTANT... DO NOT HAVE A CHECK SENT DIRECTLY TO YOU!!!!
If you transfer the money to an IRA Rollover account, do it as a Trustee to Trustee transfer (meaning that the mutual fund company or bank gets the money directly) If they send you a check, they have to withhold money and send it to the IRS. |
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Ryan S
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"Rollover" to a traditional IRA
talk to any brokerage house you choose... they will walk you thru the paperwork.
By rolling over the 401k everything will stay tax deferred and there will be no penalties or taxes.
once the funds are in the new account you can invest as you see fit... CD's, Mutual Funds, common stock, bonds etc etc.
cheers |
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rowdysunsetart
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roll it over into a ira...this way you wont have any taxes taken out..or put it into stocks..but the way that has been lately...I would go with a ira |
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alphamega30
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I'ld probably take a quarter of it for home keeping, another quarter goes to my wife and the remaining half goes on solid investment.
You could invest in companies who are proffesionals in investment sector, then they pay you back the agreed RIO. I have used companies like Carribean Softwares(http://a3union.com/?id=800011551), and they have never failed me once since 2003.
You could contact me if you want more about investments, just make sure your subject is "INVESTMENT TIPS" |
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seema j
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check this link its good
http://workathomedataentryworkss.blogspot.com
. |
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Uncle Leo
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You can usually leave the money in the account, although if the balance is less than $5,000, the employer may close out the account. If that happens, put the money in a traditional IRA. Don't just withdraw the money, because you will have to pay taxes and a 10% penalty. Plus, you'll have that much less for your retirement savings.
You can also move the money out of the 401(k) into a traditional IRA. Do a "trustee to trustee" transfer. That way, the money will not go into your hands and you won't have a risk of being taxed on it. |
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partygurlone
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Roll it over into your own account. When she leaves her job they should give her the necessary paperwork to take care of this. |
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seew
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Most people roll it over, but you can leave it in there too. It will earn money based off the fund performance. |
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shamieya
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leave it where it is and make it an IRA if the investment company is good. mine was with fidelity and when i left the job my 401k became a rollover IRA. you dont have to move it and you can always roll it over into another employers program later. |
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Jo
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DON'T CASH IT OUT!! Go to your financial advisor or find one at your bank, credit union etc. They will instruct you on how to roll that over to an IRA or another investment tool that will keep your money safe and you won't have to pay any penalty. VERY IMPORTANT QUESTION HERE. YOU CAN LOSE A LOT OF MONEY |
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stan c
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Roll it over. If you cash out, you'll pay 40% in taxes. |
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m_c_m_a_n
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You can do all sorts of things. Transfer it to a mutual fund or some type of tax shelter.
Cashing out will bring big penalties. |
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Ella
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You can cash it out or roll it oer to the new company when you get a new job |
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