IRA
I really don’t have much in my 401K. It’s below $60K. In view of what our governmental policies look like, would I be wise in closing it out. I’m 76 years old.
Terry Says
You don’t want to close it out and pay taxes. But each year you should be taking your Required Minimum Distribution, and I’m sure the 40lk plan has reminded you of that.
This year, after you take your RMD, you might want to rollover the balance of the plan into an IRA Rollover account. IN view of your age, you could have them put it all in a money market fund inside the Rollover IRA.
Read this for instructions on how to do a rollover: https://www.terrysavage.com/rollover-now/
