What to do with 401k?

[Anonymous]

I have resigned from my position and do not have a lot of money on my 401k, about $8k. What should i do with the money now that i am leaving hte employer?

[Anonymous]

Are you going to a new employer that offers a 401k? If so, I'd roll the old one into the new one.

[Anonymous]

I would roll it over to an IRA like Vanguard 500index. Contact Vanguard and they can help you through the process.

[Anonymous]

you have to roll it over. unless you want to pay the tax and penalty.

[Anonymous]

Anonymous wrote:I would roll it over to an IRA like Vanguard 500index. Contact Vanguard and they can help you through the process.

+1. Or if you already have accounts with any brokerage, eTrade, Ameritrade, Schwab, you can roll into there.
IRA gives you a lot more options than 401k.

But, if you are happy enough with the performance of your current 401k, you can leave it. There is no *need* to move it.

[Anonymous]

No i don't want to pay the taxes or penalty, so I was thinking about what the best way to roll it over is. The new employer won't match 401k for a year so I was thinking not contributing for at least a year since i need the $$$$. So is IRA better in this case?

[Anonymous]

IRA if you know you will need the money only after you turn 60

[Anonymous]

Anonymous wrote:IRA if you know you will need the money only after you turn 60

Otherwise? which one offers more flexibility?

[Anonymous]

Anonymous wrote:IRA if you know you will need the money only after you turn 60

It is retirement money regardless.