i took out a loan on my 401 k plan and then 6 months later i was terminated from myjob , lucky for me i was fully vested but they deducted the balance of my loan from my vested balance now my money has been sitting there in limbo and i seem to be making 255 dollars give or take a few dolars annually , i am wondering what should i do since i am going back into the millitary who does not have 401 k . should i roll it over into a ira or take a disbursement with a 30 % tax hit then open up an ira of course use a few dollars for whatever or just leave it where it is?
2007-10-24 17:15:38 · 2 answers · asked by dmac 3 in Business & Finance ➔ Personal Finance
Roll it over into an IRA. You can put it in mutual funds and maybe it will come in handy by the time you reach 60.
2007-10-24 17:52:00 · answer #1 · answered by bdancer222 7 · 1⤊ 0⤋
Don't take a disbursement. At worst, just leave it where it is.
If you want to roll it over into the 401k you have at whatever job you have next, you can do that or roll it over into a traditional IRA, since you would have to pay taxes on it if you try to roll it over into a Roth.
There's no rush. Just park it for now.
2007-10-25 00:31:43 · answer #2 · answered by Nathan K 3 · 1⤊ 0⤋