View Full Version : 401K SITTING AT MY "OLD" JOB
CAMUNKI
HI, i quit my job 6 months ago and moved.
I now work part time, with no benefits.....
can i have my old jobs 401K started with
my new company, even if they don't have
health insurance benefits, but maybe a 401k
plan.....otherwise, what do i do with my 401k
money that is just sitting there...there is about
$26K in the account.........help!
BlankenshipFP
Depending upon your new job's 401(k) plan restrictions, you could roll over your funds from the old account into the new account. In the event that your new job's 401(k) plan doesn't allow for "roll-ins", then you could roll over the funds from the old 401(k) into an IRA at a mutual fund family or discount brokerage.
cape cod Bob
Agree with BlankenshipFP, rollover into your own IRA, but before I would do that check out how your money has done in that old 401k account. If it has done well perhaps use some guideline such as a % over say has it performed better than 10% since invested preferrably, and if so then leave it alone there. If it hasn't done well rollover to mutual fund. You must first contact your old personnedl office to get the forms and then contact your new IRA provider to coordinate rollover.
Good luck
Athena53
One thing I do NOT recommend is rolling it over into your current employer's 401(k) even if they allow it. If you later decide you don't like how the investments there are performing, you can't get it out agian without dire tax consequences, or proving hardship, or quitting. I found that out the hard way. Rolling it over into a brokerage account gives you the flexibility to move it to another brokerage if you don't like the way the first brokerage handles it.
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