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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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  #1  
Old 11-16-2008, 01:55 PM
David David is offline
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Default Company sold-access to 401k

I am 6o yrs. old and have worked at the same Company for 31 yrs. This Company has recently sold out to a larger Company that will have their own 401k. My question is; Should I cash out the old 401k to pay off debt? Or should I roll it over? I really need to get out of debt!
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  #2  
Old 11-19-2008, 05:33 PM
AYANNA AYANNA is offline
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Default Re: Company sold-access to 401k

I am 25 and i just rolled over my retirement plan into a investment firm that doubles your investment every 4.5 yrs. Now the good thing with this firm is that you can roll over a retirement plan at no cost and get quarterly statements so you can keep up on how well your money is growing . so make sure you do your research and find the best thing for you
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Old 02-19-2009, 03:43 AM
Jhonny Jhonny is offline
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Default Re: Company sold-access to 401k

I think you should roll it over
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Old 02-20-2009, 10:42 PM
isthisused isthisused is offline
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Default Re: Company sold-access to 401k

Always roll it over.NEVER cash it out
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Old 03-02-2009, 02:49 PM
Jeremy44 Jeremy44 is offline
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Default Re: Company sold-access to 401k

It depends on how much debt you have and what interest rate you are paying. If you aren't able to pay the debt down then taking a portion out of your 401k may be your best option.

If you withdraw from your 401k you will be paying taxes on that money, and being that you are 60 there is no withdrawal penalty. There are a lot of specific things that would need to be looked at but hopefully this is a good start.
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Old 04-24-2009, 01:30 PM
DFrancis DFrancis is offline
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Default Re: Company sold-access to 401k

Roll it over into Vanguard Index or Target date funds.
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  #7  
Old 04-24-2009, 02:51 PM
Mike2000 Mike2000 is offline
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Default Re: Company sold-access to 401k

Can I roll over my ESOP to my new company?
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  #8  
Old 05-07-2009, 08:03 PM
emilywebster emilywebster is offline
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Default Re: Company sold-access to 401k

Could you please write to us about your decision of rolling your account.
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