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401k funds left from my previous job - what do to with them?
Posted on 11/1/16 at 10:52 am
Posted on 11/1/16 at 10:52 am
So I worked a job for about a year after grad school before I started med school this past august. I was required to have a 401k while at this job. Now I have about $6000 in this and I have no idea what to do with it.
I really would like to either invest it or use it for part of a down payment for a house I would like to buy in the next year or so. I understand there are taxes and penalties of early withdrawal to consider here but I really don't know anything about those. The funds are with VALIC, if that info helps at all.
Any help or advice is greatly appreciated.
I really would like to either invest it or use it for part of a down payment for a house I would like to buy in the next year or so. I understand there are taxes and penalties of early withdrawal to consider here but I really don't know anything about those. The funds are with VALIC, if that info helps at all.
Any help or advice is greatly appreciated.
This post was edited on 11/1/16 at 10:54 am
4
Posted on 11/1/16 at 11:06 am to LSUSoulja08
If you withdraw you will lose roughly 50% after penalties and taxes. I did a direct-transfer of my old 401k to an IRA.
Posted on 11/1/16 at 11:41 am to LSUSoulja08
any reason to not leave them where they are?
Posted on 11/1/16 at 12:49 pm to LSUSoulja08
Give it to me :)
Just open an IRA account. The board's favorite is vanguard
Definitely don't cash out.
Just open an IRA account. The board's favorite is vanguard
quote:fees, mutual funds options.
any reason to not leave them where they are?
Definitely don't cash out.
This post was edited on 11/1/16 at 12:50 pm
Posted on 11/1/16 at 1:39 pm to LSUSoulja08
Transfer it to a Traditional IRA account.
I prefer Fidelity. Call them and they can walk you through the process.
I prefer Fidelity. Call them and they can walk you through the process.
Posted on 11/1/16 at 7:53 pm to seawolf06
put into roth ira and forget about it. put a note in your phone to remind yourself you have it in 40 years.
Posted on 11/2/16 at 8:08 am to jeffsdad
quote:
put into roth ira and forget about it
If you put into a Roth, you will have to pay taxes on it now.
Posted on 11/2/16 at 10:42 am to jeffsdad
quote:
put into roth ira
that's called a roth conversion and he will have to pay taxes! he needs to see which is best for him. TIRA? or RIRA?
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