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401K rollover

By Terry Savage on February 21, 2021 | Investments

I am 62 years old and still working. I need to rollover a $20.000 401K to my new employer. They offer Stocks, Bonds and Blended. How should I disperse these funds. I will not be retiring any time soon, However I might be switching jobs in the next year.

Terry Says

Instead of rolling over to your new employer, contact either Fidelity or Vanguard, and they will help you do a rollover to their low-cost platform. The money will go directly to them, avoiding any possibility of taxes. Then all you have to do is pick a few mutual funds to invest in! Consider their S&P 500 stock fund, or an Equity-Income Fund for at least half the rollover, assuming you will keep working. That means you will have a few years to keep your money growing before retirement.



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