Skip to main content
Message Font: Serif | Sans-Serif
No. of Recommendations: 0
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,

Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.