I recently quit a job I worked at for about 9 months. I was investing in a 401k plan @ 10% and I saved up about 0. I just wanna know what should I do with it now. I bank with Bank of America. Should I roll over the 401k to my bank in a Rollover IRA or open a Roth IRA. Should I just forget it and cash it since its not much…what should I do? 23 yrs. old would like to really start investing somewhere.
- Home
- About
- ROTH IRA
- ROTH IRA Articles
- ROTH IRA Contributions
- ROTH IRA Conversions
- ROTH IRA Limits
- ROTH IRA Rollover
- ROTH IRA Withdrawals
- Subscribe
Join the ROTH IRA Conversation - Your Questions Discussed
Warning: require_once() [function.require-once]: URL file-access is disabled in the server configuration in /home/rothira/public_html/wp-content/plugins/thesis-openhook/thesis-openhook.php(378) : eval()'d code on line 1
Warning: require_once(http://www.worthwhilewomen.com/lincdirectory/showlink.php?id=2) [function.require-once]: failed to open stream: no suitable wrapper could be found in /home/rothira/public_html/wp-content/plugins/thesis-openhook/thesis-openhook.php(378) : eval()'d code on line 1
Fatal error: require_once() [function.require]: Failed opening required 'http://www.worthwhilewomen.com/lincdirectory/showlink.php?id=2' (include_path='.:/usr/lib/php:/usr/local/lib/php') in /home/rothira/public_html/wp-content/plugins/thesis-openhook/thesis-openhook.php(378) : eval()'d code on line 1
{ 5 comments… read them below or add one }
cashing it would be pointless since you’d pay penalties for early withdrawl. you can roll it over, or you can leave it there…but you just have to remember that you still have that money there when it does come time to cash out
are you even vested?
only invest however much you’re willing to lose
bank some or most of it
give some to charity…
if anything use the money to start a small business…
A Roth IRA is your best bet since you can withdraw in retirement tax free.
However you cant go directly from a 401 to a roth. You need to move your 401k to a rollover IRA and then convert it to a roth IRA.
Its really not worth to cash it out. You will be penalized and most of the $800 will be taxed.
try edward jones investments
with today’s economy inflation will most likely occur so any money sitting around will become worthless this may seem odd but you should invest in gold or land land is down right now but with growing population it will skyrocket in value. gold will go up when economy is at peak and when people can afford luxuries. you may need more money though.
You must log in to post a comment.