Ask Terry Questions 600k check on kitchen table

600k check on kitchen table

By Terry Savage on June 20, 2018 |

Where to safely put closed out 401k account check until the perfect house is located.

Terry Says

Please tell me you’re kidding! Why would you take money from your 401k to buy a house?? You’ll have to pay ordinary income taxes on all that money. And you won’t have a retirement account!
Call Fidelity or Vanguard and ask them to do an immediate rollover to an IRA to avoid taxes. Don’t deposit the check into your bank. Put it into the IRA. You may not get the perfect house. But you’ll get a much more secure old age!

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