 Im 27 and I still borrow money from my parents. I work hard though, is this acceptable? |
I know they're not a bank, im working on getting a part time job....I've started living on my own but I live in Taxachusetts, so it's difficult.
Additional Details
Umm ... |
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My mortgage debt is 65K. I have that money in a money market making 4.5%. My mortgage interest is 5.88%.
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 What should I do with the money? |
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Additional Details
btw...I'm not behind on my ... |
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 Debt Advice - loans? |
I need some advice!
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 Should I borrow $1000 from my 93 old neighbor? |
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 How to do my husband and I stop spending money on stupid stuff and start putting money in the bank? |
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fiscomi | What to do with my 401K money? IRA? |
I have about $8,000 in a 401k from a job that I am no longer at. My boss at my new job said it wouldn't be worth it to transfer the money to their 401k and he recommended putting it into a Roth IRA. Do you guys think this is a good idea? Should I invest it differently? I am 24yrs old and not to knowledgeable with investments. Thanks |
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eriq p
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really depends on what kind of 401k investments they have. but a roth ira is almost always a good place to put your money if you have it available. |
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derek
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Roll it into an IRA.
From the IRA you can convert it to a Roth IRA, but you'll pay income tax on the $8,000. |
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Quixotic
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Rolling it over to a Roth is a horrible idea. You will have to pay taxes on the money, now. The whole point of a tax deferred account like a 401k is to DEFER TAXES. Why defeat the purpose of it? You are young, let those deferred taxes compound for a few decades. For the record, I think opening a Roth IRA is a good idea, just not with the money from your 401k.
Roll it over to a regular IRA with a reputable company. If you have trouble deciding, choose Vanguard SP500 Fund - you will at least match the return of the stock market, and it has low overhead. |
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kam
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If is is not worth rolling your 401K over to the new company's plan, how did they sell the new enrollment and contributions to you? Just asking.
Most employers do not want you to move funds over; it costs the plans money. Anything more than 5,000 doesn't have to be moved. Just remember where you left it. (Don't know if that is an option, if its earning you could consider it.)
If you do roll it out, it needs to go into an IRA, not a Roth, tax issues. |
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digdowndeepnseattle
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seems odd that your new boss would tell you not to roll it into that plan....why would you contribute 401k money into the plan if it's not worthy of your rollover money?
Open up an IRA with Vanguard, Fidelity, T Rowe Price or any other really big mutual fund company and put your money in an S&P Index. When it grows to 18,000 then put 3k of it in a Bond Index Fund.
You may want to roll it into a ROTH Ira but a) you can't do that directly from your 401k it has to go to a traditional one first (until 2008 like earlier poster said). But examine your situation first. The ROTH isn't necessarily a good deal. If you're in a high tax bracket now, you may be paying taxes at a higher rate then when you retire. For most Americans the only real benefit that the ROTH offers is the flexibility involved with having a pre-tax and an after-tax account from which to choose to take withdrawls from. So they can manipulate their withdrawals so that Social Security isn't impacted...however that may change down the road.
I say find a good set of investments with low expense ratios and don't worry about the taxable implications. A 1% per year difference in your returns due to high expense ratios or extra fees on trades will have more of an impact on your retirement account size then whehter you're in a ROTH or a traditional IRA. |
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529s.com
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Roll it into a traditional IRA. This way everytime you change jobs you can roll your 401k into that same account. Meet with an advisor that can help you determine risk tolerance and time horizon as well as your retirement goals. |
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Stu
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You can roll it over into a REGULAR IRA, not a Roth IRA. There are special precautions you need to take to make sure you don't suffer a 10% penalty and tax implications. This basically involves transferring it to an IRA account without having the check issued directly to you. I suggest going to Vanguard.com for more information. The easiest thing you could do would be to set up an IRA with Vanguard and put your money into one of their Target Retirement mutual funds. In your case, something like their Target 2045 Fund. Good luck. |
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vegas_iwish
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Rollover to an IRA @schwab.com & invest. Takes no knowledge to buy index funds & etfs. ADX PEO 2 solid choices - 300 adx & 100 Peo. Too young not to get going. These are somewhat conservative so invest aggressively in your new, ongoing 401k. |
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Tuco
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I think that the Roth IRA is the best idea. |
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hdsok
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It is mandatory that you roll the money to somewhere if you can't leave it where it is. You cannot roll it directly to a ROTH IRA until 2008 when the law changes to allow that. Currently you would have to roll it to a traditional IRA and then roll that to a ROTH. If you are not knowledgeable about these things get yourself a good investment adviser that will actually work for you to help you. Personally I think most of the Edwards Jones folks do a good job. A good mutual fund that does well in various market conditions is usually the best bet over the long haul. |
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John Rosa
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Roll it over to a self-directed IRA and invest in tangible assets and stocks. I put 50% of my assets in stocks and another 50% in tax liens (18% return). I had to read up on how to do this before I jumped though, which I suggest you do. Reading recommendation below. |
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