401k
Terry 74 and recently furloughed after 36 years have 229,000 in safe fund with Wells Fargo I heard 401 are not insured Monies,should I move my money to an insured Money Market due to Covid 19?
Terry Says
If you retired you should do a DIRECT ROLLOVER of your money to Fidelity or Vanguard. Call them (1-800-FIDELITY or 800-VANGUARD) and they will handle the process. Once you get rolled over, just put the money in a very short-term government securities money market fund.
If you make a mistake and take the money OUT of your 40l(k) and don’t do a rollover, you will owe a HUGE amount of taxes. Please follow my instructions!
