Do you know furloughs make your 401k to be distributed to you automatically?
Or, do they keep it in the current 401k until you are officially laid off or left the company.
5 replies (most recent on top)
1) you might rollover into an IRA which (1) gives you thousands of investment options instead of a couple dozen that Halliburton offers (2) no hidden 401K management which lowers the return of 401K funds. Furthermore you should not merge the rollover IRA with another IRA because a rollover IRA can be merged into a 401K of a future employer. I cant think of a reason to roll back into 401K at the moment, but there might be one in some situations.
2) Some companies have a minimum on the size of a 401K you can keep with them after leaving, e.g. like over $5000. Small 401Ks may be just too costly for them.
401K at Halliburton is managed by Fidelity. They aren’t holding it. It’s yours. You are not allowed to take it until you are 59.5 years old without a penalty, except for specific exceptions, by law.
You should google 401ks because you obviously don’t know much about them.
What 401k? It’s down 50% then you pay taxes on money as earned income plus 10% early withdrawal (unless hardship).
I’d suggest selling wife over 401k. Give her 50 - keep 150 per hour.
They would never be auto distributed, they are federally run. And you can keep it in that 401k as long as you want even after termination.
If your smart get it out and roll it over into an account that you can control,IE..( Fidelity,Edward Jones) something other than letting them drain it for you.