For folks that are separating, what happens with our 401K plans?
Has anyone here ever rolled your retirement / 401K into another account? What did you do???
4 replies (most recent on top)
Yup - we were with another company and had a 401k - hired an investor and moved it into an IRA - do a little research - it's not complicated. If I were ppl with Kroger or any company really - I'd make sure I started working on an emergency fund (3-6 months) - obviously you don't want to touch your 401k until your 59 1/2 or older or you will be hit with massive taxes.
Generic into: You can roll your 401k to your IRA easily. If you have $ in a Roth 401k you'd need to have a Roth IRA for that rollover. Do not roll right away unless you aren't happy with investment options in 401k. The reason for not rolling to IRA is that in some states your 401k is safer from lawsuits than an IRA, so you might want to roll your 401k to your next company 401k.
I no longer work for Kroger(by choice) I rolled my 401k into a Roth as soon as I quit.. move your money if you can.
Not with Kroger's but my son is, we are still waiting to hear if he'll be cut.
Anyhow, on 401K - I rolled mine the day after I retired.
Most banking institutions have gotten into the securities business so I would look to talk to someone where you do your banking.
Make sure if and when you look into rolling it over to an IRA you check the fees you’ll be charged. Anything over 1% is questionable.
My account has performed really well and is more diversified than my 401K was. Good luck and act soon.