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I lost my job two weeks ago to corporate downsizing.

I'm sorry to hear that.

I now have a broker calling me and pressuring me to move that 401k money into another fund.

Is this broker your 401k rep or is it some guy called "Honest Joe" who is trying to interest you in his investments?

If you have less than $5000 in your 401k, your employer can indeed cash you out. If you have more than $5K, they have to let you keep it there (although, the company is abolishing its 401k or going bankrupt, I'd get it out now while the getting is good).

In the absence of a new employer (or a new employer who doesn't offer a 401k plan, or whose 401k plan doesn't accept rollovers or whose 401k plan investment options doesn't tickle your fancy), you can roll it over to a "Rollover IRA."

Good Luck,
JDOyster



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