401k
Hi Terry I have a 401k and I’m no longer with the company I started with 13000 now I’m down to about 11000 dollars.i am losing money and I’m not contributing to it. DO you suggest that I draw the money down.
Terry Says
That depends on your age and stage of life. It’s not surprising that your balance is lower because hte entire market is lower. If you are under age59 there would be a 10% penalty for withdrawing on top of income taxes for the gains. So don’t withdraw.
But you might want to call FIDELITY at 1-800-FIDELITY and ask them to help you do an IRA rollover. Then put half in their money market fund and half in their Equity-Income fund. And leave it alone until age 72, when you must by law start withdrawing. Actually it’s pretty easy to do this if you are sitting in front of your computer with your latest statement. They hold your hand and help you do the rollover!
