This new company is taking over and they wont pay into my old 401k plan. They wont even roll it over....I dont know about this and I have had if for about 3 yrs...I dont need the cash but just would like it to build some how.. what is the fastest way for it to grow into sometime for me later....
2006-11-14 06:11:32 · 5 answers · asked by ceemagiclydia 2 in Business & Finance ➔ Personal Finance
Roll it into an IRA account so you avoid any tax penalties.
ING and Fidelity both provide low cost (low admin and service fee) IRA funds.
Lastly, if you have not done so, you should consider meeting with a financial planner to review your long term investment goals. You are never too young to start and the earlier you do, the better you can take advantage of compounding interest!
2006-11-14 07:09:45 · answer #1 · answered by mcd_48230 3 · 0⤊ 0⤋
The best thing to do would be to open an account with a brokerage house and roll your 401k over to a Rollover IRA account. From that account you will have a wide variety of stocks and mutual funds to choose to invest in. A good index fund like the ones that track the major indices like the S&P 500 or the Russell 2000 are good bets for long term growth. I'm painting broad brush strokes here, so if you would like additional details or have other questions feel free to drop me a line. Good luck to you!
2006-11-14 14:19:50 · answer #2 · answered by Steve S 2 · 1⤊ 0⤋
You can still make it grow by putting in the same contributions you were before or more. The bad part is it wouldn't be matched by your present company. Get in contact with a financial planner or someone in the know who can really help you with your portfolio. In doing so you can gain so much more that would otherwise been lost to taxes.
2006-11-14 14:22:48 · answer #3 · answered by Michael 2 · 0⤊ 0⤋
Call your bank that you currently work with and request to open an account where you can roll over this 401-K and make an automatic taken from your checking account.
2006-11-14 16:16:18 · answer #4 · answered by Lovely B 3 · 0⤊ 0⤋
They are violating the law or you are confused.
If they offer a 401-K, you can roll over your old one. Ifthey don't offer any employee matching contributions, that's another.
2006-11-14 14:21:41 · answer #5 · answered by Mazz 5 · 0⤊ 0⤋