Ask Terry Questions Should I move 401K Account

Should I move 401K Account

By Terry Savage on April 03, 2024 | Financial Planning / Retirement

I ‘m 63 1/2 years old, I was permanently laid off from my job of 23 years. I am in the process of getting re-employed soon hopefully. Should I leave my 401K account with my previous employer’s plan or move it to another type of IRA account? I am divorced I have a mortgage and the 401K is all I have for retirement along with my social security. The balance in my 401K is only $84,000. Thank you for your time and any advice you can provide.

Terry Says

Please read this column explaining how to roll your old 40l(k) plan into an IRA Rollover account. Invest the money very conservatively. At this stage, I’d suggest half in a government money market fund, and maybe half in an equity-income fund.

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