401K- Rollover or withdrawal?
Monday, October 22nd, 2007
Nick asked:
I just recently got laid off from my job of 6 years. I invested in the companies 401K program and I see I have a nice amount saved in my 401k account. Since I am no longer an employee what should I do with this money. Right now im kinda ok on my feet but I know after the holidays come around im going to be broke and its hard to find a job in the mortgage industry. I kinda want to take the rest of the year off anyway. Should I pull out and take the 20% cut the feds will take. Should I rollover to an IRA (Whatever that is) or should I invest it in some other account? Im confused and need suggestions before I make the calls to the 401k people and my tax man.
No I already have a 401K.
Question posted courtesy of: Gertrude
I just recently got laid off from my job of 6 years. I invested in the companies 401K program and I see I have a nice amount saved in my 401k account. Since I am no longer an employee what should I do with this money. Right now im kinda ok on my feet but I know after the holidays come around im going to be broke and its hard to find a job in the mortgage industry. I kinda want to take the rest of the year off anyway. Should I pull out and take the 20% cut the feds will take. Should I rollover to an IRA (Whatever that is) or should I invest it in some other account? Im confused and need suggestions before I make the calls to the 401k people and my tax man.
No I already have a 401K.
Question posted courtesy of: Gertrude
