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little advice/ just got info on my 401k

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little advice/ just got info on my 401k

Old 03-11-2008, 07:39 PM
  #1  
Nontypical Buck
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Default 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.
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Old 03-11-2008, 07:44 PM
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Default RE: little advice/ just got info on my 401k

Roll it over into an IRA.
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Old 03-11-2008, 08:11 PM
  #3  
Typical Buck
 
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Default RE: little advice/ just got info on my 401k

Spend it, buy more guns, think of it as an investment
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Old 03-11-2008, 08:18 PM
  #4  
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Default 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.
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Old 03-11-2008, 08:21 PM
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Default RE: little advice/ just got info on my 401k

sell your knight and tc. and then go buy yourself a beautyful TC Hawken.
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Old 03-11-2008, 08:34 PM
  #6  
Giant Nontypical
 
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Default 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
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Old 03-11-2008, 08:35 PM
  #7  
Nontypical Buck
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Default 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.
gee, I wounder where I can find one of those right now. if I did go to sell them, I would be making money on the knight at least. I paid $135 for both of them

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
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Old 03-11-2008, 08:47 PM
  #8  
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Default RE: little advice/ just got info on my 401k

if you re invest it correctly now, you do not loose the 20% which can add up to a lot of money... but its your money, do what you want with it.
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Old 03-11-2008, 08:56 PM
  #9  
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Default 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.
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Old 03-11-2008, 09:27 PM
  #10  
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Default 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.
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