Should I pay off my second mortgage? Put it into a saving account? Im feeling so depressed and I need to make a move with the money I have. P. S I am 45 years old. Thanks
2006-07-15 07:14:03 · 9 answers · asked by What if....... 1 in Business & Finance ➔ Personal Finance
Do not, do not, do NOT cash it out.
You will get killed on penalties and you will be responsible for all taxes on it. Come next April you will be even more depressed.
Hold on to it and when you start working again roll it over into their 401K program.
2006-07-15 07:19:30 · answer #1 · answered by jkk109 4 · 0⤊ 0⤋
For right now, you don't have to do anything. It's there and it'll stay there unless you instruct them to do something about it.
WARNING!!!!! Do not have them send you the money, even if you are going to take it and put it into an IRA. They will withhold taxes.
If you want to move this to an IRA, or your next job's retirement plan, tell them to make it a direct rollover, where the money is transferred directly to the new plan.
2006-07-15 23:51:06 · answer #2 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
Leave it alone, keep adding money too it or roll it over into an IRA. Just cause you got fired doesn't mean you have to do anything with your 401K . It just means they won't be putting anymore money into it, but you can or you can roll it into an IRA or if your next job offer 401K you can roll it into that one. I would probably wait till I got my next job before deciding what to do.
2006-07-15 14:19:45 · answer #3 · answered by Knock Knock 4 · 0⤊ 0⤋
Roll your 401(k) into a Roth IRA. Then you can continue to earn interest and dividends...http://www.scottrade.com has a Roth IRA you can setup and manage completely online - with no inactivity fees as some of the other brokerage firms (Schwab, most notably) have.
2006-07-15 14:23:37 · answer #4 · answered by Richard H 7 · 0⤊ 0⤋
Roll it over. 401K's do transfer. Keep it going. You DO NOT want to pay the penalty of early withdrawal.
2006-07-15 14:18:19 · answer #5 · answered by kitty fresh & hissin' crew 6 · 0⤊ 0⤋
If you can help not using the money, I would suggest you roll it over to your new employers' handler if you or they have one. If you can't, I highly suggest using T.Row Price to open an account and roll it over to them. They were amazingly nice to work with. If you choose to roll it over to a personal account and not with your employers', I suggest you at least check T. Row.
2006-07-15 14:25:33 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I am so sorry.
Leave the 401K alone if you can. We can use all the retirement income we can amass.
2006-07-15 14:19:04 · answer #7 · answered by lrad1952 5 · 0⤊ 0⤋
Male strippers and booze. That's a sound investment.
2006-07-15 14:17:16 · answer #8 · answered by Anonymous · 0⤊ 0⤋
you could give it to me,or you could start a small business
2006-07-16 06:44:33 · answer #9 · answered by ##$SoulStryker$## 7 · 0⤊ 0⤋