I never cashed in my 401k, I would like to know the balance of my account. I'm 50, and disabled. Should I cash in now? Or should I let it ride till I'm 62? I worked for then from 1985 til 1993.
Julie, First, I'd caution you to include less of your personal contact information on a public forum. Please be careful.
In order to get the current balance or location of plan assets, you will likely need to contact your old employer, assuming they still exist. The possible difficult task of tracking a plan is why I usually recommend that people move plan assets into an IRA that they control, when they leave a company.
In your case, if you locate the assets, you'll have the option to take it out (potentially taxable distribution with penalty) or roll it into an IRA now. If you need funds now, then you could make withdrawals, but if possible, delaying withdrawal until retirement is preferred. I assume you are getting disability from Social Security, too, so perhaps your need is not now.
At any rate, you should find a local planner (not just someone that sells financial products) to help you make the decision that is best for your situation. Your need, other available incomes or financial assets, along with any other issues that may impact your financial well being should all be important parts of the conversation.
Julie, The first thing I would do is find an ULTRA LOW fee FInancial Advisor you can trust and roll that 401K over to your own IRA, NOT a ROTH IRA. I have questions to ask the Advisors you are interviewing on my website at http://casullfinancialadvisory.com/Questions IF you have realized most interaction with the advisor will be by phone anyways, please feel free to contact me.
The next thing I would do depends on specific aspects of your life. If you are permanently disabled you can start taking money from the IRA free from the 10% penalty. But know that you will be losing the compounding effect of the money growing in the account. Ma-am, there are way too many aspects for me to give good sound advice in this forum. Either call me and we can just talk, or Find another Financial Advisor, feel free to use the questions on my site. Steve
This is a great question and one that most investors have. It's really easy to check your account balance with your old 401K. You have two options: check with your old employer (usually the HR department can help you out) or you can call the company that is considered to be the custodian of the funds.
Your next question is harder to answer... The reason why is: it depends on your specific situation. In order to give you a better recommendation, I would need to know more information such as: monthly cash flow, debt-to-income ratio, etc. If you're serious about cashing in your 401K because of financial difficulties, please make sure you contact someone in your area that can help you. Unfortunately, there are going to be significant tax consequences and I want to see you keep as much of your money as possible.