Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
Joe wrote:
> Ok, I see that cashing out the 401k is very very bad. I will not cash > it out and become unfoolish? Right I am a fool now, cashing out would > make me unfoolish, or just a plain idiot.

Hey, Joe, I'd like to borrow your thread to ask a question of my own... I was laid off in May, with about $2500 in my 401(k). I decided to do a rollover IRA with it, instead of cashing out, but I stupidly ended up missing the deadline to do this by 15 minutes. (I didn't read the letter carefully, and I didn't realize that I had to do it by 3pm of a particular day.) Sooo... I have the check in my hot little hand.

A friend mentioned that there is a way to salvage this situation even now, by depositing that check in a rollover IRA account. I've never heard of such a thing. Where can I find out what my options are at this point?

Karen
Print the post  

Announcements

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.