logo
Previous Thread
Next Thread
Print Thread
#621596 08/28/10 12:45 AM
Joined: Jul 2010
Posts: 6,412
Tiger
OP Offline
Tiger
Joined: Jul 2010
Posts: 6,412
Consider the pros and cons of holding on to your existing 401(k) plans, waiting for the opportunity to roll the assets into a new employer's plan or launching a self-directed IRA using the assets to have greater control of your investments. An IRA, however, may not be ideal if your old plan held company stock due to the favorable tax treatment it gets in a 401(k).

Sponsored Post Advertisement
Joined: Jul 2010
Posts: 6,412
Tiger
OP Offline
Tiger
Joined: Jul 2010
Posts: 6,412
Always try not to pull out any funds from your 401(k) to avoid losing any of it. But sometimes we donot have a choice. In that case, research and talk to your fund representative to figure out the best way to withdraw or rollover.

Originally Posted By: Angela - Walking Editor
Consider the pros and cons of holding on to your existing 401(k) plans, waiting for the opportunity to roll the assets into a new employer's plan or launching a self-directed IRA using the assets to have greater control of your investments. An IRA, however, may not be ideal if your old plan held company stock due to the favorable tax treatment it gets in a 401(k).

Joined: Jul 2010
Posts: 6,412
Tiger
OP Offline
Tiger
Joined: Jul 2010
Posts: 6,412
fishI am beginning to wonder if any job's 401k program is safe?

Right now the temporary part-time job I have until December does not offer one - but if I had one - would I trust it?


Anyone having any luck with their 401k programs?

Last edited by Angela S - Walking Editor; 09/07/10 08:54 PM.
Joined: Sep 2010
Posts: 4
Newbie
Offline
Newbie
Joined: Sep 2010
Posts: 4
I did have to close out my 401k plan because I needed the money. However, in retrospect I wish I had thought of signing up for unemployment before I did so. No doubt that tax time is going to be a headache.

Joined: Jul 2010
Posts: 6,412
Tiger
OP Offline
Tiger
Joined: Jul 2010
Posts: 6,412
fishYes, I did the same thing and had to pay first the penalty for pulling it out early, then the tax.

But I would do it again as I was able to keep my car. I had just bought it and was able to pay of early. Losing the car would have made it harder to find another job.

Last edited by Phenix City; 11/07/10 09:34 PM.
Joined: Jul 2010
Posts: 6,412
Tiger
OP Offline
Tiger
Joined: Jul 2010
Posts: 6,412
Originally Posted By: Angela J. Shirley
Consider the pros and cons of holding on to your existing 401(k) plans, waiting for the opportunity to roll the assets into a new employer's plan or launching a self-directed IRA using the assets to have greater control of your investments. An IRA, however, may not be ideal if your old plan held company stock due to the favorable tax treatment it gets in a 401(k).


Link Copied to Clipboard
Brand New Posts
Inspiration Quote
by Angie - 03/28/24 03:28 PM
Psalm for the day
by Angie - 03/28/24 03:26 PM
Make It Sew Easier
by Cheryl - Sewing Editor - 03/27/24 04:34 PM
2024 - on this day in the past ...
by Mona - Astronomy - 03/27/24 01:31 PM
Planner Template Kit - Weekly Layout Template
by Digital Art and Animation - 03/26/24 07:39 PM
Planner Template Kit - Yearly Layout Template
by Digital Art and Animation - 03/26/24 07:37 PM
How to Use Digital Planner Template Kit
by Digital Art and Animation - 03/26/24 07:36 PM
Review - 20 Illustrator Color tips Helen Bradley
by Digital Art and Animation - 03/26/24 07:32 PM
March Equinox to June Solstice
by Mona - Astronomy - 03/26/24 12:27 PM
Hobotrader unleashes never seen opportunity with i
by Jamal molla - 03/26/24 11:55 AM
Sponsor
Safety
We take forum safety very seriously here at BellaOnline. Please be sure to read through our Forum Guidelines. Let us know if you have any questions or comments!
Privacy
This forum uses cookies to ensure smooth navigation from page to page of a thread. If you choose to register and provide your email, that email is solely used to get your password to you and updates on any topics you choose to watch. Nothing else. Ask with any questions!


| About BellaOnline | Privacy Policy | Advertising | Become an Editor |
Website copyright © 2022 Minerva WebWorks LLC. All rights reserved.


Powered by UBB.threads™ PHP Forum Software 7.7.5