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My plant is closing next year but the company is still open and I'm 56 and what do i do with my 401k?

Should I roll over or keep it where it's at? Should I take it out and put in savings?

Aug 18, 2018 by sherri in  |  Flag
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First off, whatever you do, don't let anyone talk you into rolling it over until you have all the information you need. Why? If you leave your company after age 55, you can access your 401k money without the 10% penalty. If you roll it to an IRA and then need some money, you have the 10% penalty until you turn 59.5. So huge advantage to leave it in the plan. If you end up getting another job right away and don't need the money, then you might look at rolling to an IRA you control, but I would not be in a big hurry to move it until you know what life is going to be like for you after the plant closes. How to invest it is a totally different discussion.

Comment   |  Flag   |  Aug 28, 2018

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