Retired ... but my 401(K) still with last employer...
Yesterday, 06:04 PM
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Confused about dryer sheets ?Join Date: Dec 2012 Posts: 3 |
Retired ... but my 401(K) still with last employer...
Hi All ~ I'm brand new to earlyretirement.org. Retired 1 yr ago @ age 62. Hoping to get advice/opinions. I'll try to be brief. My 401K ($190,000) is still with my employer---Why? Because I've got to find a financial advisor I can trust and whose fees won't cost me more than the return on my investment. Plus, investing is not my forte, so I need to trust whomever/wherever I leave my hard-earned money to treat me like a daughter! Sometimes I wonder if I'm better off just laddering the $ in CDs. However, I believe I can do better. In addition to the $190,000 in the 401K, I have about $235K in a couple of CDs and savings (I "chase" the highest interest rates), and $12K in savings bonds (don't mature until 2022 or thereabouts). I currently rent an apt. for $800/month (I'm fortunate). My pension and social security (SS starts in Feb) net about $3,140/month. Oh ya, and I may need to move from my apt, and would like to buy a small house....................................... ' + '?' + google_ads[i].line2 + '?' + google_ads[i].line3 + '?' + '' + google_ads[i].visible_url + ' '; } } '' } if (google_ads[0].bidtype == "CPC") { /* insert this snippet for each ad call */ google_adnum = google_adnum + google_ads.length; } document.write(s); return; } google_ad_client = 'ca-pub-7757781251671730'; google_ad_channel = '3711355403'; google_ad_output = 'js'; google_max_num_ads = '6'; google_ad_type = 'text'; google_feedback = 'on'; // -->
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Yesterday, 06:26 PM
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Recycles dryer sheets ?Join Date: Dec 2010 Posts: 91 |
It is advisable, and easy enough to roll the 401k over to your own IRA in anyone of the reputable mutual fund companies like Vanguard, Fidelity, T Rowe Price etc, where you can choose from a wide variety of mutual funds ( index fund, all in one fund retirement fund, balanced fund, asset allocation fund, pure equity or bond funds). While the company will generally not act as a direct financial adviser and pick the fund for you, they can point you to the general area where you can do your research and pick the funds that suit your investment objectives and risk tolerance level. There are fund screening tool on many of the company's website as well. I am not sure you need to wait until you find a financial adviser first and they don't necessarily do better than a reasonably well diversified mutual fund portfolio anyway. Those companies can also help you find an independent financial adviser as well, general a one time session for a fee, and I can tell you from experience that it was not very helpful. I only did it because it was free in my case, but if you feel that you do not have much experience and want to have someone look through your WHOLE financial situation, it may be worth it for you. ' + '?' + google_ads[i].line2 + '?' + google_ads[i].line3 + '?' + '' + google_ads[i].visible_url + ' '; } } '' } if (google_ads[0].bidtype == "CPC") { /* insert this snippet for each ad call */ google_adnum = google_adnum + google_ads.length; } document.write(s); return; } google_ad_client = 'ca-pub-7757781251671730'; google_ad_channel = '3568142076'; google_ad_output = 'js'; google_max_num_ads = '6'; google_ad_type = 'text'; google_feedback = 'on'; // -->
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Yesterday, 08:24 PM
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Recycles dryer sheets ?Join Date: Mar 2007 Posts: 76 |
then call their toll free phone number and with some info can get it into an IRA=works just like 401k but you have control.
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Today, 08:56 AM
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Recycles dryer sheets ?Join Date: Mar 2012 Posts: 186 |
Ditto against a financial adviser. $$ down the drain, in this instance. Wherever you choose to transfer the funds will handle it, and should be no charge. We chose Vanguard for inexpensive index funds. They wre extremely helpful and charged no fees.
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Today, 11:05 AM
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Confused about dryer sheets ?Join Date: Dec 2012 Posts: 3 |
Many thanks!!
So happy I stumbled upon this site! Thanks so much to all who replied to my post. I'm compiling all of your excellent advice and will use it well. No doubt I'll be staying in touch - I can see there's a wealth of good information out there via the early-retirement.org followers.
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Today, 11:15 AM
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Confused about dryer sheets ?Join Date: Dec 2012 Posts: 3 |
Interesting ... I understand from a very reputable financial advisor (via a radio money show here in MA) that one should not keep 401K funds with a former employer. Reason why is that if that former employer should 'go bust', your 401K funds could be held up during bankruptcy proceedings .... sometimes for very long periods of time, i.e. 4 years! That's what has made me a bit nervous about keeping my funds there ... I recognize that this is a personal decision, based upon one's confidence in his/her former employer's status. Thanks again!
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Source: http://www.early-retirement.org/forums/f26/retired-but-my-401-k-still-with-last-employer-64319.html
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