2007-10-21 03:52:59 · 7 answers · asked by gina m 1 in Business & Finance ➔ Personal Finance
Roll it over into an individual account. Best not to leave it with your old employer for long. Then you can invest it as YOU wish!
2007-10-21 04:05:52 · answer #1 · answered by ? 6 · 0⤊ 0⤋
Roll it over into an IRA. If you contact the company where the 401k is, they will help you set it up. Or if you prefer another financial company, they can set up the IRA and get the funds transferred.
Whatever you do, DO NOT take the money out yourself. You will have to pay income taxes on the whole amount and a 10% early withdrawl penalty.
2007-10-21 06:12:21 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
Get a financial advisor with firms such as Smith/Barney, Edward Jones, etc. and roll it over into an individual IRA.
Do not take cash, taxes plus a 10% penalty (under 50).
2007-10-21 04:18:26 · answer #3 · answered by Squat1 5 · 0⤊ 0⤋
If the old plan allows it, you can leave it there if you want to. Otherwise, set up a rollover IRA. See www.ira.com.
2007-10-21 04:06:48 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You can roll it into a separate IRA account of your own. Check with your bank or financial advisor.
2007-10-21 04:09:52 · answer #5 · answered by Anonymous · 0⤊ 0⤋
MOST PEOPLE CASH IT OUT AND GET A LUMP SUM. SOME COMPANIES WILL ALLOW YOU TO KEEP IT IF YOU STILL CONTRIBUTE MONEY TO IT. JUST CALL AND ASK WHAT YOUR OPTIONS ARE. IF YOU END UP CASHING OUT, MAKE SURE YOU HAVE THEM TAKE TAXES OUT. YOU DON'T WANT TO GET STUCK WITH IT COME INCOME TAX TIME.
2007-10-21 04:37:15 · answer #6 · answered by Meghan 2 · 0⤊ 0⤋
cash out early - the 401K is not going to be around forever.
2007-10-21 04:02:13 · answer #7 · answered by cgriffin1972 6 · 0⤊ 3⤋