401k after leaving job
Hi Terry!! Thanks for all you do to help so many people!!!
My husband left his job a couple of weeks ago.
He was lucky enough to get another one a week later.
His new employee does not offer 401 until after the first year of employment.
We are both 61, and need to put cash into something until next year.
Wondering what you would suggest. He has $116.000.00 in 401 with his old employer.
Thanks so much Terry!!!
Terry Says
You have two choices. You can leave the money with your old employer, assuming you like the investment choices. Or you can contact Fidelity or Vanguard and ask them to help you do an IRA ROLLOVER. Call their 800 number (1-800-FIDELITY or 1-800=-VANGUARD) They handle the money transfer and all the paperwork; you don’t touch it. Then you have a choice of investments for the new IRA Rollover Account. Depending on your age, probably it would be simpler to stick with their Equity/Income Fund. Both have those funds. They are conservative stock funds, and you can feel comfortable for the long run.
