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401(k) money
Question: Do I have to remove my money from my 401k when I retire from my company (UPS) even if I don't need it at the time of retirement? I know I can't contribute after I leave but is it ok to leave the money in there till I need it or this market turns around... (I'm being optimistic!) Patricia, Cleveland, OH
Answer: I like your optimism. The law gives company's a great deal of leeway when it comes to their retirement savings plan. The terms of the plan may say its fine to leave the money where it is for now or it may call for a fairly quick withdrawal. So, place a call to human resources and you'll get you the answer you need right away.
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Comments (1)
September 17, 2009 9:26 AM PT
If your assets in the 401k are stock mutual funds, should the fact that they are down now affect your decision to move the money? So long as you're moving them to similar funds I don't think you're actually realizing your 'loses'. And if you can move to an IRA at an investment company with lower expense ratios than your current funds, you'll be even better off.