I transferred all of my assets (minus my 401K) out of Schwab today. Man, that felt good. So long Schwab and thanks for kicking me to the curb. I'm far better off without you than the reverse!
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Here's what I know...
- Last "real" paycheck was today Jan 5th.
- Lump Sum will be paid out Jan 19th.
- Final PTO or whatever to be paid out either with the lump sum or 2 weeks later (Feb 2nd) - this is a guess on this one, I have seen others post something similar.
- Medical insurance will continue till Jan 31st - then you will enrolled in Cobra automatically, and expected to pay the first month as soon as the ink can dry on your lump sum. However based on my experience with other employers they do send an email asking if you would like to continue benefits.
I met with an advisor this week who isn’t a Schwab buffoon. He will present his plan to me next week. If I go with him or not, my assets will be gone next week. Say goodbye to another high net worth client CS!
Wohoo!...i am a regular non-captive, high net worth client now. SCHWAB IS GOING TO HAVE TO ACTUALLY EARN MY BUSINESS NOW!!!
The way i figure it, Schwab makes around 20k/year off my assets at 40 bps. As such, I expect to be treated really really well now. .... We'll start with the bonus payout. Any shenanigans with the calc and my assets are good as gone ....and the revenue stream with it.
For those over 55, if you leave your 401k at schwab, you can access it without penalty from now forward. You will only have to clain any withdrawl as income in the tax year it is taken out. That is an IRS rule - look it up.
You can also create and link a PCRA account for stock picking with the 401k money. I did and it works well. Best not to use the 401k money, but if you had to then it is an option which makes it better than a rollover.
The rest of my assest? ... let's just say they are in risk territory for schwab.
@ufb+1qqu5hlc As far as I know PCRA has all the options a regular IRA has. stocks ETFs options etc...
do we know when the cobra/severance will hit?
Decades of monthly transfers, gone in an instant.
It takes a few weeks post termination before the 401k is cleared to rollover.
Why would you leave the 401k there instead of transferring it to an individual IRA account, where you'll have many more investment options and more flexibility? What you've done doesn't make any sense.
Such a surreal day! Happy to be hitting another milestone in the end of the CS chapter. I’ll feel much better after the severance actually hits. But then yes close all accounts sell out of CS investments and be DONE! Been the most drawn out break up I’ve ever been involved with!