I made the mistake of immediately rolling over my 401k last year. I moved it from my employers account on Fidelity to my own account on Fidelity.
That was before I found out about a VERY obscure rule that allows you to take early withdrawals without penalty if you are, I think, over 57 yo (iirc) - IF you leave it in your employers account. (note: NOT "tax free", just without extra 20% penalty)
GET EXPERT ADVICE. This rule really exists. If I had left it where it was I could have been withdrawing it without penalty and buying guns/ammo/food/land or whatever.
When I left my job during covid, i was able to completely cash out. I took the tax hit but was free and clear with 100% of the remaining post-tax funds.
Took about 2 weeks after my last day, before the money was deposited. Got a statement about the taxes withheld that I referenced during tax season this year.
No penalties because I was leaving the company, a seperation. It's one of the events that allows you to pull clear of it.
Call them and ask. There's loans from yourself too, but that wasn't necessary in my case.
There's typically one "stable value" fund offering/choice for an investment option in a 401k, which the funds in your 401k can be transferred to, so that the value doesn't fluxuate with stock market changes.
Yes. Put everything into the stable value, or money market fund and let it ride there until you can roll it into an IRA. Cash is king right now as stocks are in a recession and could easily go much lower (which means, if you have cash, there will be some great bargains. )
You can do a land purchase where you buy outright non developed land as a holding. Lots of hunters are using tips to put it into retirement properties. Self directed IRA I believe it's called. God bless and God speed.
You should be able to take out a loan on it while still employed. Once you leave I think you have 90 days to pay back the loan before they tax you on it. It could buy some time. I put one of my 401k's in a physical gold and silver IRA. It's in a vault so I guess it could be taken from me but I figured it was better than just letting it disappear on the stock market. Or pay outrageous taxes. I used Noble gold. Noble gold has a vault in Texas.
Can't do much about the 30 day rule. However...
I made the mistake of immediately rolling over my 401k last year. I moved it from my employers account on Fidelity to my own account on Fidelity.
That was before I found out about a VERY obscure rule that allows you to take early withdrawals without penalty if you are, I think, over 57 yo (iirc) - IF you leave it in your employers account. (note: NOT "tax free", just without extra 20% penalty)
GET EXPERT ADVICE. This rule really exists. If I had left it where it was I could have been withdrawing it without penalty and buying guns/ammo/food/land or whatever.
Absolutely!
My company used Fidelity for 401k, after retiring, I called Fidelity and rolled it into an IRA. Easy to do.
Thx
Rollover IRA
When I left my job during covid, i was able to completely cash out. I took the tax hit but was free and clear with 100% of the remaining post-tax funds.
Took about 2 weeks after my last day, before the money was deposited. Got a statement about the taxes withheld that I referenced during tax season this year.
No penalties because I was leaving the company, a seperation. It's one of the events that allows you to pull clear of it.
Call them and ask. There's loans from yourself too, but that wasn't necessary in my case.
Thank you very much.
GoldCo
There's typically one "stable value" fund offering/choice for an investment option in a 401k, which the funds in your 401k can be transferred to, so that the value doesn't fluxuate with stock market changes.
Yes. Put everything into the stable value, or money market fund and let it ride there until you can roll it into an IRA. Cash is king right now as stocks are in a recession and could easily go much lower (which means, if you have cash, there will be some great bargains. )
By vulnerable, I mean they remain locked in the 401k until 30 days past the separation date.
Could you change it to all cash before leaving so it at least doesn't plunge with the market during those 30 days?
You can do a land purchase where you buy outright non developed land as a holding. Lots of hunters are using tips to put it into retirement properties. Self directed IRA I believe it's called. God bless and God speed.
Can you sideline it ?
What does that mean?
Pull your money out of the market temporarily without withdrawing funds. Money sits on the sideline in your investment account but not invested.
I requested that, and they offered a low volatility investment instead.
You should be able to take out a loan on it while still employed. Once you leave I think you have 90 days to pay back the loan before they tax you on it. It could buy some time. I put one of my 401k's in a physical gold and silver IRA. It's in a vault so I guess it could be taken from me but I figured it was better than just letting it disappear on the stock market. Or pay outrageous taxes. I used Noble gold. Noble gold has a vault in Texas.
Cannot do a self-directed account.
Seems one can buy a home without penalty and while on the job. Strange but it comes under hardship.
Is a gold miner fund available in your 401k?
I’d be tempted to leave it all in that fund and leave it for temporarily until things calm down.
Gold miner fund?
A mutual fund that invests exclusively in gold or precious metals mining companies.
There are several, but not always offered by 401k’s.