little advice/ just got info on my 401k
#1
little advice/ just got info on my 401k
I just got a packet from the compeny handling my 401k, since I no longer work for the place that it was for. I have to do something with the money. I don't know what to do. since ya'll are great about helping with guns little advice here would be great here too.
#4
RE: little advice/ just got info on my 401k
contact a financial advisor and discuss with them your long range financial goals. Often times, check with your locak bank as they have financial advisiors that work for them. Let them suggest the best way to reinvest that money in a safe manner,so that you can have some kind of nest egg in the future. Believe me, when you retire, you will be very happy you invested wisely.
#6
Giant Nontypical
Join Date: Nov 2005
Posts: 6,585
RE: little advice/ just got info on my 401k
If its enough so that tax willhurt then you might want to consider reinvesting in a retirement plan of some sort, at that point a trip to all of the local banks to see what is being offered might be indicated. Lee
#7
RE: little advice/ just got info on my 401k
ORIGINAL: frontier gander
sell your knight and tc. and then go buy yourself a beautyful TC Hawken.
sell your knight and tc. and then go buy yourself a beautyful TC Hawken.
I got over a month to decide, if I don't they will be sending me the money -20% for fed tax. I am thinking of just pulling it and putting into my personal savings until I find a job then open a ira and do a 401k thought them but I do that I be having to do the 20% fed tax and about 10% for state tax
#9
Fork Horn
Join Date: Mar 2007
Location:
Posts: 304
RE: little advice/ just got info on my 401k
Corey I went through this 2 times. Roll it over into a IRA. Get with a financil adviser an they can handle it for you. You have a certain time to do this off hand I dont remember how long but is enough to find someone. If ya cash it in you suffer a penalty and taxes off the top.
#10
Boone & Crockett
Join Date: Apr 2007
Location: River Ridge, LA (Suburb of New Orleans)
Posts: 10,917
RE: little advice/ just got info on my 401k
Corey, without a doubt - roll it over. An IRA is certainly one way to go, probably the best. Check your community services people and see if they have any kind of financial advisory services available. You might also check local community colleges for same.
At your age, you should be investing by dollar cost averagingin a "no load" mutual fund every month. Do your "older self" a big favor and type "no load mutual funds" in your google search engine and read, read, read. The years do go by.
At your age, you should be investing by dollar cost averagingin a "no load" mutual fund every month. Do your "older self" a big favor and type "no load mutual funds" in your google search engine and read, read, read. The years do go by.