What happens to the $$$ I put in a 401k at an old job?

Question

I had a 401k plan at a job that I left a few years ago and I realized that other day that I have no idea what happens to that money. Do I have to transfer it or something? I also have one at my current job if that matters.

Answer 1

The money's still there, growing.

You should transfer it, either to your current 401k or to an IRA. Make sure, though, that the money is sent directly from your old 401k to the new account; otherwise, you're subject to a 20% penalty.

Answer 2

It usually depends on how much you have in your old 401k.
If it is less than $5,000 usually they will want you to move it out because they feel it is not enough for them to continue to do the paperwork on.

If it is above $5,000, most plans will allow you to keep it there.

If you decide you want to move it, you have several options.
One is to see if you new company's plan will allow you to rollover the old one into the new one. One word of caution about this,
you need to see if they allow you to roll it back out later if you want to. Some plans will, some won't.

Another option is roll the money into an IRA account. This could be set up at a bank, insurance company, or brokerage firm.
The advantage to rolling the money into an IRA is you will probably have more investment options to pick from than you
will have in either of the 401ks.

The major disadvantage to an IRA is that you cannot borrow against it for as many reason as are available in most 401ks.

Answer 3

The money is still there, and it is still yours. You can leave it in the account, or roll it over into your current account. Remember, the money you put into it doesn't go to the company, it goes into an investment account.

If you decide to roll it over, get advice on how to do it from the benefits people at your current job. You don't just withdraw it and then deposit it. If you do it that way there will be a huge penalty and the taxes will take a big chunk. Rolling it over protects its tax free status.

Answer 4

The account at your old job still exists. Contact your old employer's Human Resources department and tell them you want to roll over your 401k (meaning merge the old one with the new one). They should put you on the right track.

Answer 5

The money is still yours.

You should find out where it's invested and what the yield (interest) you're getting.

You can rollover your old 401k into your new 401k, or invest it in another financial vehicle.

Regardless - you really should stay on top of what your money is doing.

Answer 6

Call your previous employer's human resource department and ask them for the forms to have the account rolled-over. You should have them roll it into your current employer's 401K or you can roll-it into a IRA - never, never, never cash it out.

Answer 7

It should still be there. You can call the old company and have them roll it into your new one at your current job.

Answer 8

damn....how old are you?