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My co. just had a buy out,now that I work for someone else can I close out my 401k im 61 and need my saving now?

Oct 20, 2013 by dale from Ironton, OH in  |  Flag
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3 votes
Luke Collova Level 8

Dale, You definitely want to contact the plan administrator of the existing plan and ask what your options are. It is likely that you have a choice of: rolling the assets you have accumulated into the new organization's plan, assuming they offer one, rolling the assets into a personal IRA, or cashing out. Assuming all three are options, the best one for you is based off what your needs are with the assets. If you need help with this last part please reach out to your financial advisor to make sure you take the best approach.
Hope the best for you Dale, Luke Collova http://bearmountaincapital.com/

Comment   |  Flag   |  Oct 24, 2013 from Seattle, WA

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Good afternoon Dale. Thank you for your question. The short answer to you question is maybe. Most 401k plans allow you to have access to your 401k savings account once you reach the magical number of 59 1/2. However some plans may put restrictions on it, for example you can only take out 50% of it (for example). Of Course some plans might not allow you to take any money out at all until you either retired or left the company. Just because the company switched providers, the same rules might still apply. In my experience when a 401k plan switches providers your old plan usually follows in to the new plan. My recommendation would be to contact your HR office or a company that is currently handling your 401k plan and ask them if a distribution is available to you. I hope this helps, Please let me know if you have any additional questions. Sincerely Michael Mezheritskiy Founding Partner, Visionary P.W.M.G.

Comment   |  Flag   |  Oct 21, 2013 from Farmington, CT

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