My husband retired effective Jan 01 of this year. The week before we left town for a much needed rest (we are still gone and somewhat secluded) returning home about April 01. We just received notice that his former employers have decided to change the provider of their 401K. The concern is that there is a blackout period where we cannot access our account information, it started on Feb 23 until abt March 15th. They want a contribution allocation form or they will put all money into what looks like a money market fund. There doesn't appear to be an index fund. Are we OK to let things go until we have time to do some research? Their anticipated date of transfer is March 12th. We are not taking a draw on this fund, we anticipated leaving it until he is 70 1/2. Thanks for any input.
Are we OK to let things go until we have time to do some research? Unless the stock market goes crazy, you won't lose that much waiting until you get back on April 1. You could research rolling the 401k over to an IRA so you can control the type of investments to use.IF
Agree with IF. Roll over the 401k to a TIRA so you don't have to deal with problems like this. Then you have a lot more options, for example, a Roth conversion. Nick
It's been my experience that making decisions under time pressure can cause one to make the wrong decision. March 15th is not that far away. I think it's better to let the money sit in a money market account for that short period of time then to try and rush a decision you haven't the time nor inclination to make right now.2old
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