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Retirement Saving for retirement - questions about pensions and pension schemes, 401k's, public and private company pensions, and other saving schemes.

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Old 02-14-2009, 10:11 PM
401k_help 401k_help is offline
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Join Date: Feb 2009
Location: Somewhere in USA
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Default 401K Help

I'm relatively new to 401K concept, have been making contributions for over a coupe of years and the losses are now close to 15K. Anyway, I want to change jobs and want to know what to do with the money. i don't want to pay 10% penalty and take it out.

After I change jobs, can I just leave it with the company that it is with now and just hope that it will recover and maybe make me some money in future? Or do I HAVE to transfer it? My current plan does not give me the option of leaving it all cash. Is there a cost involved in tranfering it to new company's account?
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Old 02-15-2009, 05:20 AM
GarySpicuzza's Avatar
GarySpicuzza GarySpicuzza is offline
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Join Date: Oct 2007
Location: Florida/PascoCounty/USA
Posts: 464
Default Re: 401K Help

You can rollover the 401k to your own IRA.

See THIS link.

Saving for retirement by risking your money isn't saving for retirement.

Rollover your 401k retirement funds to a SAFE Fixed IRA Annuity.

ONLY money that you are prepared to lose and live without should be invested in the market, not your life's savings.
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