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I quit a job back in 2001, and I just recently found out that I have a 401k. Can I still get it? |
I didn't even know I had a 401k account because nobody mentioned it. I just noticed it on my W-2 when I filed for taxes for that year. And I didn't know anything about 401k's and IRA's until now. It sound stupid, but I was pretty naive about investments. Should I just let it be, since I didnt work at the company for a long time? If you have an IRA with an institution like Scottrade or Schwab, roll the 401K into your IRA. Then you can have access to it and invest the money how you like. Yes its your to keep. You should just leave it alone and wait until your re-tired. If you take the money out you will have a penalty. That is your money!! You can leave it there if they will let you or you can roll it over to a new job...if they'll let you. Or you can put it into an IRA. Contact your old employer and tell them you want to know the status of your 401K. They can help you. DO NOT CASH IT OUT!! Leave it invested to avoid taxes on it. Depends on your circumstances on if you should let it be. I'd only take it out in emergency and even than there is a penalty. So be aware. In the meantime, contact the company they'll probably just need a few details to get you a statement, and probably and updated mailing address. How do you NOT know you had a 401k plan? You have to voluntarily sign up to contribute money out of your paycheck to it. If your new company has a 401k plan - have them help you roll it over to your current company's plan Do not just "let it be". You never know when an old employer could go bankrupt and your 401(k) money "disappear". It is not common, but it can and does happen. Since you no longer work for that employer, you can roll the money into a self diredted IRA at any time, and you should do that as soon as possible. Whatever you do, do NOT take physical custody of the check in the amount of your 401(k). That may subject you to penalties for the early withdrawl of the money. If you don't already have one, open an IRA with whatever company you like and they will have you fill out the rollover papers. Then the IRA will take care of transfering or rolling over the 401(k) money into your IRA. All you have to do is open the account and fill out the papers. The IRA company will take care of everything for you. Some companies are starting to automatically send small balances to the owner of the account. Make sure that you have an updated address with the 401(K) company so that if they do send out the money, it will get to you. I would just leave it alone, as long as they are not charging you fees to handle your account. |
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