Roll that 401(k)
What to do with your old 401(k)?
Should I leave it where it is....
Should I roll it over to an IRA.....
What I recently did...
"So I just rolled over my 401(k) from my previous employer, to my Rollover IRA- getting all my bones in one place.
So I had the option of leaving my401k where it is, but in my case the investment options were limited or I could have cashed it in but I'm only 13 years old and would have paid a pre- 59+1/2 withdrawal penalty and income taxes.
I do have a prior 401(k) which I left alone because it has a unique Guaranteed Interest account, paying a nice rate, that is hard to beat outside of a company retirement plan. (Just an FYI)
So by moving into an IRA, I can invest in CD's, Bonds, Mutual Funds, ETF or Stocks. That's a lot of choices. My main dog house is Fidelity which provides tools to research Mutual Funds, for instance, to help me build a portfolio or compliment what I already have. We can discuss the basics of allocation in a later post, but for today we are focusing on moving your dough.
For simplicity, do a Direct Rollover from your 401(k) or 401(B) which would involve you speaking to your 401(k) provider. Your other option is a 60 Day Rollover which would be paid directly to you. This is a hassle. Taxes will be withheld so you will have to make up the difference when depositing it. Forget it !
Go Direct Rollover route.
It will probably take a couple of weeks and might involve you making a couple of follow up calls to your provider as they are not quick to give up the cash. :)"