Got laid off before the holidays and unsure what to do with the 401k savings plan. Im 30 and have 60k saved in there. Wondering what others have done and why. My parents advise me to leave it alone but the 401k savings aint what it was in their day. Please help.
15 replies (most recent on top)
Get yourself a good finance person
Roll your 401k into an IRA like TD Ameritrade where you will have total control of it to do what you want. You can buy any stock, bonds, options, CDs, etc. in real-time unlike the VZ 401k that is limited to market close trades for only a hand full of tiers. You will also get a few hundred dollars for doing so.
Crypto and silver an gold ..fiat is dead ...they are devaluing the dollar and it will get lower and lower with 20 trillion in debt and we are still borrowing.
Right on...”Roll it into a low commission online trading platform like Charles Schwab .....low fee index funds”. They will make it easy to move if you call. With the tax cuts don’t hesitate.
Certainly get a finance person. While the fund selection in the 401k is far from great, some are really cheap (the large stock index fund for example). So while I rolled a lot of it to a new employer 401(K), I am rolling most of that into an IRA, but keeping the rest in the Verizon 401(K). So you can be strategic if you don't mind have investments in more than one place. A good financial planner can also help you take emotion out of the picture ("I don't want to leave a single cent with VZ" for example, when it might make sense to).
You can rolled your 401k into almost any kind of financial vehicle you are interested in purchasing without incurring tax penalties as long as it is considered part of a qualified plan. Consult a financial professional. 60k could turn into serious cash pretty quickly and without exposing your savings to high levels of risk.
Good Luck.
Get yourself a finance person, you need one at 30 anyway!
pzz
Its stressful enough to lose your job and income, Dont let this experience have a shred of your confidence. No matter what people think about a company, work is still something personal to many of us. It hurts to lose your job. Its isolating and depressing. Remember your friends who are going through this. Call them, ask how they are doing. Show support. As a husband and father Its easier for me to cope with death than it is to spend months out of work not earning for my family. Keep your head up young man.
As others have said, roll it over to TD, Schwab...I rolled my 401k from previous employer to E-Trade and have been happy.
Verizon's 6% match is great but their plan choices s--- much much much. Stupid targeted date funds that don't even beat the S&P.
welcome to the warm body economy!
the job market is worse than the media admits. i aim for 60 outbound per week . Alot of jobs are advertised with no intention to hire. steady calls for jobs paying less than my former salary and even less for jobs that match or exceed it. Getting sick of being told to publish on linkedin and blog to brand myself. Its bizarre that we are in a place where professionals are expected to be a social media influencers. Not that desperate yet. But if you talk to enough resume takers they will tell you how much they love visible candidates with a presence or portfolio. The women are weird lately. They seem to want me to flirt with them when I just had coffee in mind.
urs- thanks for the reminder. losing my job has shaken my confidence to be honest. i been putting the rollover off. never been laid off before but i never had to do much to snag another job. ratio of resumes to interviews is very low so far. any layoff life tips?
i was impacted by the layoffs just 7 weeks shy of my vest date. did you get hit with any fees to when you rolled into those accts? the terms are intentionally confusing and burdensome to make you do nothing. i was going to move it based on principle but have been curious about hidden fees.
- did anyone keep the life insurance policy and if so how much was it?
Dude. My 401k is up over 40% since the election. Roll it, avoid a penalty, check what you're invested in, and take advantage of a president making policies that help average Joe's.
Roll it into a low commission online trading platform like Charles Schwab or TDAmeritrade and invest the money yourself in ETFs or low fee index funds