Question : How do you collect your retirement savings plan?
After leaving employment, how do you collect your retirement savings plan or 401K? how long does it take to collect it?
- asked by Nicole W
All Answers:
Answer #1
You don't unless you have reached retirement age!You either leave it alone, or roll it over into anIRA. You do still intened to retire someday,right? You don't really want to pay taxes andpenalties that will eat up almost half of thatmoney do you?
- answered by Rick B
Answer #2
Generally, you roll a 401(k) over into an IRA,then take distributions as you need them.
- answered by newjerseyguy
Answer #3
You contact the human resources department at youlast employer and complete the needed paper work -their accounting and year end calculations mypostpone payout for 6 months, but they should beable to tell you all you need to know.
- answered by justwondering
Answer #4
You have a few choices to make. 1. You couldleave your 401k at your previous employer but youcan no longer contribute and they may startcharging you, I would advise against this option. 2. You may be able to rollover your 401k intoyour new employer plan but that depends on the newcompanies policy. 3. You could take the cash,and depending on your age may have an earlywithdrawal penalty before 59 1/2 and be liable fortaxes if you are over 59 1/2 or under. Unless itis a ROTH 401k. 4. The best option is torollover your 401k into an IRA at your bank orthrough a broker you may have other investmentswith. In an IRA you have more options on whatinvestments you can own. I would advise gettingin contact with a investment advisor before you doanything.
- answered by PB
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