evan9381 Posted January 24, 2011 Report Share Posted January 24, 2011 I guess my old job had a 401k/retirement plan set up for me...I never even knew about it until about ~1 year ago when I got a statement saying there was like $800 in it...lost my job in october, and just got another statement showing there's about $935... I know its not much, but I have no clue what I need to do with this, how much time I have to do something, or if I need to do anything at all. I don't really need the cash, so I dont see any point of cashing it out. I'm not opposed to investing it in something, and if I lost it all, I wouldnt really be too sad because a) its not a lot and b) none of it is money I've put in, just $ my employer did. I would prefer to do something with it to where I can access it later if I wanted to...would my only option to do this be something like cashing it out and then research/buy some stocks on my own? I've got an account with sharebuilder that I could do this with any help is appreciated...I dont have a clue about this stuff Quote Link to comment Share on other sites More sharing options...
John Bruh Posted January 25, 2011 Report Share Posted January 25, 2011 1.) Cash out 2.) Hookers 3.) Blow 4.) .... 5.) Profit Quote Link to comment Share on other sites More sharing options...
neonkiller Posted January 25, 2011 Report Share Posted January 25, 2011 invest in verizon.... Or silver..... Quote Link to comment Share on other sites More sharing options...
Mr. Jones Posted January 25, 2011 Report Share Posted January 25, 2011 Assuming you have a current 401K with your new employer. Look into rollover options... They can typically move that balance into the new provider. Quote Link to comment Share on other sites More sharing options...
AWW$HEEET Posted January 25, 2011 Report Share Posted January 25, 2011 Assuming you have a current 401K with your new employer. Look into rollover options... They can typically move that balance into the new provider. +1 Cash it out and you'll pay taxes out the dickhole on it. Quote Link to comment Share on other sites More sharing options...
Rotarded1647545491 Posted January 25, 2011 Report Share Posted January 25, 2011 12 month IRA Quote Link to comment Share on other sites More sharing options...
LJ Posted January 25, 2011 Report Share Posted January 25, 2011 Call my buddy at Chase in Pataskala. His name is Mike Nagel. He will be in Wed morning. He can tell you all your options. Tell him that Lance referred you. Quote Link to comment Share on other sites More sharing options...
STarner Posted January 25, 2011 Report Share Posted January 25, 2011 buy a new gun! Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted January 25, 2011 Report Share Posted January 25, 2011 Either keep it or roll it into an IRA. DO NOT CASH IT OUT. Quote Link to comment Share on other sites More sharing options...
Mallard Posted January 25, 2011 Report Share Posted January 25, 2011 Keep it where it is or roll it into something that remains tax deferred (IRA, new 401k, etc.). Quote Link to comment Share on other sites More sharing options...
zeitgeist57 Posted January 25, 2011 Report Share Posted January 25, 2011 Most IRA's will have an annual fee, so less than $1000 is just going to be eaten alive in a few years, even assuming decent portfolio returns. Roll it into another 401(k) plan with your current employer. Quote Link to comment Share on other sites More sharing options...
Buck531 Posted January 25, 2011 Report Share Posted January 25, 2011 Roll it over into something else. DO NOT cash it out. You will pay about 40% taxes on it. I had to do it back in 99 when I was laid off from Borden to pay bills. ugh. Quote Link to comment Share on other sites More sharing options...
Putty Posted January 25, 2011 Report Share Posted January 25, 2011 Assuming you have a current 401K with your new employer. Look into rollover options... They can typically move that balance into the new provider. dots Quote Link to comment Share on other sites More sharing options...
evan9381 Posted January 25, 2011 Author Report Share Posted January 25, 2011 and if i still dont have a "current employer"? lol. will that just sit there until i do something with it, or if it sits too long will something happen to it? Quote Link to comment Share on other sites More sharing options...
Bam Posted January 25, 2011 Report Share Posted January 25, 2011 with chase you had to do something with it within a year from ending employment...i would think it's similar at most places. Quote Link to comment Share on other sites More sharing options...
Buck531 Posted January 25, 2011 Report Share Posted January 25, 2011 and if i still dont have a "current employer"? lol. will that just sit there until i do something with it, or if it sits too long will something happen to it? There are a bunch of investment companies that will gladly take your money. Fidelity? What is that.. follow the green arrow or some shit? Just look for any or the larger investment companies out there and they will help you out. Quote Link to comment Share on other sites More sharing options...
TTQ B4U Posted January 25, 2011 Report Share Posted January 25, 2011 As others said, best thing to do is roll it into your current employers 401k program. Quote Link to comment Share on other sites More sharing options...
CJINOHIO03 Posted January 25, 2011 Report Share Posted January 25, 2011 Your not at Alliance anymore? Most places depending on policies/balance will let you keep it there until you get another job and then you can transfer it. Quote Link to comment Share on other sites More sharing options...
smokinHawk1647545499 Posted January 25, 2011 Report Share Posted January 25, 2011 roll it over to a IRA, i would roth it as that little you wont have to worry about fronting massive taxes. Quote Link to comment Share on other sites More sharing options...
SinisterSS Posted January 26, 2011 Report Share Posted January 26, 2011 Either keep it or roll it into an IRA. DO NOT CASH IT OUT. THIS^^^ if you cash it out you'll get fucked over big time tax wise, your best bet is to roll it over into an IRA Quote Link to comment Share on other sites More sharing options...
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