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Posted: 2/4/2014 8:52:23 AM EDT
[#1]
You can let it sit as long as you want, but you may not be able to manage it.
ETA: actually my wife says she can log into Fidelity and still manage hers. It's still with her previous employer from several years ago. |
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Posted: 2/4/2014 8:54:47 AM EDT
[#2]
Quoted:
Say you quite/early retire. How long do you have to do something with your 401k? Esp. if your not rolling it into an IRA I'm not sure how long you have, but I know how long I'd wait. I'd move it asap. 401k's are often limited to what investments you can have, and they often have you in US bonds. I'd roll it to a Roth IRA if you can afford to pay the taxes. If not, I'd move it to a traditional IRA so you can have total control. Whatever you do, don't let them cut you a check. Roll it directly to your new IRA account. |
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Posted: 4/13/2014 11:56:26 AM EDT
[#3]
You can usually leave it as long as you want but..... what happens if they go out of business? Or if they decide they won't do the disbursement (happened to a co-worker of mine)? What if they decided to change the plan to investments that you don't approve of?
So, yes, I'd have it transferred. |
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Posted: 4/13/2014 12:04:49 PM EDT
[#4]
Quote HistoryQuoted:
I'm not sure how long you have, but I know how long I'd wait. I'd move it asap. 401k's are often limited to what investments you can have, and they often have you in US bonds. I'd roll it to a Roth IRA if you can afford to pay the taxes. If not, I'd move it to a traditional IRA so you can have total control. Whatever you do, don't let them cut you a check. Roll it directly to your new IRA account. Quote HistoryQuoted:
Quoted:
Say you quite/early retire. How long do you have to do something with your 401k? Esp. if your not rolling it into an IRA I'm not sure how long you have, but I know how long I'd wait. I'd move it asap. 401k's are often limited to what investments you can have, and they often have you in US bonds. I'd roll it to a Roth IRA if you can afford to pay the taxes. If not, I'd move it to a traditional IRA so you can have total control. Whatever you do, don't let them cut you a check. Roll it directly to your new IRA account. Well I know if I were to "cash" out, its best to do it the year im not working otherwise not only am I getting hit with early withdraw penalty, 20% off the top for taxes, it will be added to my regular income and could put me in higher tax bracket which means id pay an additional 3-4% on top of it all. 
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Posted: 4/13/2014 5:50:46 PM EDT
[#5]
Quote HistoryQuoted:
Whatever you do, don't let them cut you a check. Roll it directly to your new IRA account. This. Have your financial institution contact your 401k custodial institution and arrange a direct transfer without touching your pockets. You will be able to avoid penalties, time limits, and unnecessary taxation. I think it is called a rollover IRA. |
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Posted: 4/14/2014 7:28:30 AM EDT
[#6]
We rolled the ole' lady's over to vanguard. Low fees and I like that their Target Date Funds are index fund based.
http://quotes.morningstar.com/fund/VFIFX/f?t=VFIFX |
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Posted: 4/14/2014 12:02:07 PM EDT
[#7]
Quote HistoryQuoted:
You can usually leave it as long as you want but..... what happens if they go out of business? Or if they decide they won't do the disbursement (happened to a co-worker of mine)? What if they decided to change the plan to investments that you don't approve of? So, yes, I'd have it transferred. Money in the 401k should be with an investment house like Fidelity, Vanguard, T Rowe Price, etc. The company can't go dipping into those funds willy-nilly. You may be thinking of a corporate pension plan, which is controlled by the employer, and yes, employees have been screwed when the employer gets into financial trouble and taps those funds. |
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Posted: 4/14/2014 5:41:49 PM EDT
[#8]
Quote HistoryQuoted:
Money in the 401k should be with an investment house like Fidelity, Vanguard, T Rowe Price, etc. The company can't go dipping into those funds willy-nilly. You may be thinking of a corporate pension plan, which is controlled by the employer, and yes, employees have been screwed when the employer gets into financial trouble and taps those funds. Quote HistoryQuoted:
Quoted:
You can usually leave it as long as you want but..... what happens if they go out of business? Or if they decide they won't do the disbursement (happened to a co-worker of mine)? What if they decided to change the plan to investments that you don't approve of? So, yes, I'd have it transferred. Money in the 401k should be with an investment house like Fidelity, Vanguard, T Rowe Price, etc. The company can't go dipping into those funds willy-nilly. You may be thinking of a corporate pension plan, which is controlled by the employer, and yes, employees have been screwed when the employer gets into financial trouble and taps those funds. Nope, it was a 401k. They weren't tapping the funds, they had a beef with the employee and just didn't sign the paperwork to transfer the assets to fuck with him. The employee had to sue. Finally, he was able to transfer the funds without their signature but it took over a year, maybe two. |
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Posted: 4/15/2014 8:20:29 AM EDT
[#9]
Quote HistoryQuoted:
Whatever you do, don't let them cut you a check. Roll it directly to your new IRA account. They can send you a check, it just cannot be made out to you directly. It needs to be made out to the institution it is going to for your benefit. Example: Edward Jones FBO John Smith where FBO = For the Benefit Of. You should also have them put the new account number on it to make sure it all verifies. You have 60 days, IIRC, to send it on to your financial institution for deposit. After that, they assume you are going to take the money and are subject to taxes on it. I have done it this way twice with 401Ks and once with a pension plan because sometimes employers don't want to work with institutions. |
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Posted: 4/15/2014 7:27:54 PM EDT
[#10]
i would move it asap, rid yourself of all of the damn 401K fees, and all of the other bullshit, put it in Vanguard IRA, spread it out on good funds, and manage that sucker yourself
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