401k
I am retiring but I still have my 401k. Trying to figure out whether to take it out and pay taxes or whether to roll over to what . I thought of leaving it to my grand daughters for college any advice
Terry Says
Wait, wait wait! You definitely should roll it over. Contact Fidelity or Vanguard or T. Rowe Price and ask them to handle the rollover for you. It’s an easy process. You NEVER TOUCH THE MONEY!
Then you need to make some investment choices and keep it growing until you reach age 72, and are required to withdraw money every year (RMD).
You name your granddaughters as beneficiaries if you want, for when you die.
If you have extra money OUTSIDE your retirement plan and want to give it away, and are sure you won’t need it, then by all means pay some tuition directly to their college.
