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Posted on 1/3/13 at 3:40 pm to Lsut81
The taxes you pay regardless of whether you roll it over to a Roth IRA or to your personal bank account. You pay an additional 10% penalty if you do not roll the 401k over to an IRA and rather put the money in your bank account.
Posted on 1/3/13 at 3:44 pm to Lsut81
If you withdraw the money from the 401k you will pay tax and a 10% penalty on the earnings.
My advice:
1. Roll the 401k into a Rollover IRA at Scott.
2. Fund a Roth IRA there also after you have your emergency fund set up.
3. Invest in broad based mutual funds/etfs.
My advice:
1. Roll the 401k into a Rollover IRA at Scott.
2. Fund a Roth IRA there also after you have your emergency fund set up.
3. Invest in broad based mutual funds/etfs.
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