want to keep it there, as it has done well but heard that if the co. goes belly up there goes my proceeds from 401k-lost. I have new 401k w/new job but don't know how it will perform and don;t want to shift old to new yet... can i loose the money invested with old employer if they go out of buisness, even though it is administered by Paychex and all that money is in funds not in anyway connected to the former employer??does that make sense? New employer doesn't contribute to my 401k either..any suggestions???
2006-10-01 05:38:22 · 9 answers · asked by RHNBJM 2 in Business & Finance ➔ Investing
Talk to your financial advisor. If the amount at the old plan is high enough, the old employer can't force you to move the account if you want to keep it there. If the plan is administered by a 3rd party, your old employer's financial condition has nothing to do with your 401k, so you needn't worry with that...
2006-10-01 07:28:40 · answer #1 · answered by morlock825 4 · 0⤊ 0⤋
Why have a company that has no vested interest in you or your retirement manage your money? Roll it into an IRA (no cost or penalties if you chose right vehicle) and you manage your own retirement (don't pay a financial planner to do it). The company, or bank etc... that you roll it to will do all the paperwork to transfer. Start a new one at your new job, and check on that one often to re-allocate if it is not doing well. Paycheck manages your 401K, but it is still allocated by your former employer. Get it out!
2006-10-01 06:20:13 · answer #2 · answered by Susan C 3 · 0⤊ 0⤋
I rolled mine over into an IRA at Scottrade, and invest in many many different things now. You can roll it over into another company's 401K Later so long as you do not mix funds from another retirement account.
2006-10-01 08:45:17 · answer #3 · answered by Anonymous · 0⤊ 0⤋
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2006-10-01 14:20:01 · answer #4 · answered by stock_trade_expert 3 · 0⤊ 0⤋
There are many variables. If I was you I would transfer the 401K into an IRA.
2006-10-01 05:47:11 · answer #5 · answered by Tyson W 1 · 0⤊ 0⤋
transfer it to an IRA account. That way you have full control over the money. You can invests it whatever way think best.
2006-10-01 08:37:35 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Put it in to the new company's plan - I left mine at my old job and I noticed I do not keep up with it as much.
2006-10-01 05:45:37 · answer #7 · answered by Caroline H 5 · 0⤊ 0⤋
ask your financial advisor, too many variables
2006-10-01 05:40:15 · answer #8 · answered by Anonymous · 0⤊ 0⤋
keep it there and fo rthe new ones start a brand new one...
2006-10-01 05:45:46 · answer #9 · answered by eckogyrl85 2 · 0⤊ 0⤋