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Asked 3/23/2010
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What happens to my 401k dollars if the company I work for goes bankrupt, out of business, belly up, etc.? A banker warned me last week that upon retirement a person should immediately roll over his 401k and you may be in danger of losing most of it if the company you work for goes out of business. |
Answer 1/2 - Submitted 3/15/2011
Your money is not at risk once it's been deposited into your 401k, including matching dollars from your employer. The risk to you would come if you owned company stock in your 401k and the company went bankrupt.
It is often advisable to move your 401k into an IRA with an outside financial advisor so you have more options. It does depend greatly on many factors, such as costs inside your 401k plan.
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