401K
Hello Terry, enjoyed your 60 minutes segment it was very informative. If I could ask a question, it’s in regards to my old 401K. I was let go from my job after 27 years in April 2021. My 401K is still with the old company, my question would be what would benefit me more. I’m 62 and will be 63 next April. Should I move it or withdraw it? It’s around $140,000 right now. Thank you so much for your time.
Terry Says
Yes, you should absolutely do a direct rollover — but be very careful into whose hands it falls.
Please read this advice: https://www.terrysavage.com/rollover-now/
You’ll have a wider choice of safe investments in an IRA rollover. And if you take it out, you’ll pay taxes on all of it AND lose future tax-deferred growth!
