Check with an RIA (Registered Investment Adviser)
United Capital is a company a lot of folks in Basking Ridge use
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Definitely contact a professional financial advisor ASAP. My wife and I have done a lot of research and spoke with a rep name Sophia with the firm National securities because I know a few FORMER co-workers have IRA accounts with them and have said good things. She was really helpful explaining the different options we have at this point. Would suggest reaching out- 202-800-7281- at least for some honest answers to questions we weren't getting up until this point. Already in the process of rolling over my entire 401(k) into an IRA account. I know some might want to roll part of their 401(k) into and IRA and some into an IRA Roth account.
Just a couple of points.
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Lowell cannot get his hands on the 401K money. It is in Fidelity.
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Roll it over to an IRA (Fidelity, Schwab, etc). A lot more options then here.
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Get rid of the VZ stock.
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Good luck all, I may see you on the next round.
I hate to say anything positive about Verizon, but their 401K plan has been ranked as one of the best by Brightscope, so while emotionally you might want to cash in and run, it may not be the best move...
PLEASE talk with a professional financial adviser. A FEE Based (versus commission based) Certified Financial Planner (https://www.napfa.org/) because they wont be trying to sell you stuff. YOU are the only one that knows your personal financial situation. Be careful listening to non-financial people , you can lose a lot on money.
Take your money and run! Don't let Lowell and his goons use your money for thier gain.
Anyone that keeps their money with Verizon after being laid off is a nut. Anyone that continues to purchase their products after being laid off is a nut. #sinkingship
You can leave it. But be sure to get rid off all of you Verizon stock.
Contact Fidelity and speak to an advisor. They are fully aware of the layoffs that are happening at Verizon and can provide you guidance on your specific needs. I too was laid off and my contact there was very helpful. I was advised that if you have at least $5,000 or more and are vested then you can leave your 401K with Verizon; however, you can roll it over to a Rollover IRA within Fidelity if you choose to move it. The only money you can roll into a Roth IRA from your 401K is any money that you have sitting in a Roth 401K because that money has already been taxed. I have plans to move my money because I believe there are better investment options to choose from in the Rollover IRA as opposed to the options within Verizon's 401K. Good luck, but definitely call Fidelity to ensure you are making the best decision for your circumstances. The person I spoke with is Paul Bradley 800.887.4015, ext. 23415
Get your money out,
You can roll over to an IRA. Roth - you'll need to check on this. You should also do a little research to see which is better for you, assuming you could roll to Roth. If you are young, than Roth might be better. If at retirement, IRA may be better. But those are just very loose suggestions. Have you given any thought to doing some research on your own via Google? Getting answers to financial questions here can be a little dicey - people here may know less than you, but have an opinion, such as me!