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Asked 5/20/2009
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What do I do with a 401 k plan We filed chapter 13 in july 07. due to changes in my job i have taken a retirement before i wanted to. what do I do with what little I have of my 401k plan. I have already losted most of it to the currewnt economy |
Answer 1/3 - Submitted 5/21/2009
Answer 2/3 - Submitted 5/22/2009
Since you are no longer there you cannot continue to contribute to this.
If it is under $5000 in most cases, they will automatically roll this to an IRA --
You have the option as employment was severed to take the money.. or move it to an IRA of your choice.. (fees apply, so depending on the balance it may not be worth your while)
If we are talking under $200-- they are just going to send you a check..
It is hard to advise without knowing your situation.. whoever you worked for would have had a Registered investment advisor available for you--
You can still use that service as your money is in that account.
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