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OfflineLogicaL ChaosM
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401K from a Previous Company?
    #28594733 - 12/23/23 04:25 AM (1 month, 5 days ago)

So in 2021, I worked for a small company that had a 401K program with a company called Fidelity Investments. Well, in January 2023, I was sadly fired from that small company. However, I still get mail from Fidelity Investments about my 401K account that I had, even showing my balance of how much money is in that account. Is there anyway to transfer that money to a different account? Or is that money stuck with that Fidelity Investments company?


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OnlinegeokillsA
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Re: 401K from a Previous Company? [Re: LogicaL Chaos] * 1
    #28596424 - 12/24/23 10:05 AM (1 month, 4 days ago)

I would do a 401K "Rollover" into an self-directed IRA account, and I would have advised you to do this at TDAmeritrade, but they were recently acquired by Charles Scwhab and haven't integrated the bulk of TDA's tech into their user interface, and it's frankly really been pissing me off to deal with Scwhab's outdated and inferior platform.  But I digress... You can learn more about your options here, and any bank that offers IRA's should be able to walk you through the process.


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OfflineLogicaL ChaosM
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Re: 401K from a Previous Company? [Re: geokills]
    #28596957 - 12/24/23 07:22 PM (1 month, 3 days ago)

Awesome, thanks Geokills! I will ask my bank if they can do a 401 Rollover. They seem pretty informed on these sorts of matter. Thanks for the help :thumbup:


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Re: 401K from a Previous Company? [Re: LogicaL Chaos] * 1
    #28609518 - 01/04/24 02:26 PM (23 days, 20 hours ago)

I use Fidelity for everything, you can just call them and have them rollover your 401k into a Roth IRA with them. Just make sure you re-invest the balance once it's transferred over, otherwise the money will be sitting there with little to no interest


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Re: 401K from a Previous Company? [Re: LogicaL Chaos] * 1
    #28614687 - 01/08/24 11:38 PM (19 days, 11 hours ago)

Quote:

LogicaL Chaos said:
So in 2021, I worked for a small company that had a 401K program with a company called Fidelity Investments. Well, in January 2023, I was sadly fired from that small company. However, I still get mail from Fidelity Investments about my 401K account that I had, even showing my balance of how much money is in that account. Is there anyway to transfer that money to a different account? Or is that money stuck with that Fidelity Investments company?



Fuck fidelity take the money out and start a business. Probably ya only hope at generational wealth


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OnlinegeokillsA
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Re: 401K from a Previous Company? [Re: Shroomhunts] * 1
    #28615048 - 01/09/24 09:45 AM (19 days, 1 hour ago)

You will pay penalties when withdrawing money from a 401K prior to retirement age.  Generally speaking, long term equity investments (such as those found in a 401K) can be a primary driver for generational wealth.  Starting a business is great too, but one must recognize that starting a business requires tremendous time commitment, risk tolerance and startup capital.  I've independently run two separate businesses in my youth, to varying degrees of success, and while I was able to net a profit, I ended up closing both businesses due to supply side issues and increased competition.  While they didn't make me rich, they did give me experience and confidence in my ability to manage projects.

On the other hand, investments in equities and cryptocurrency have increased my net worth significantly over the past two decades.  Having an interest in real estate (rental/income property) as both an owner and a manager, has also maintained a steady stream of income, which is hugely beneficial relative to paper investment income, which can fluctuate somewhat wildly.

Nevertheless, in my experience, it has proven quite beneficial to diversify my interests.  If one stream of income falters, another can help pick up the slack.  This is obviously easier said than done, and it is something that didn't just happen overnight.  It was a consistent goal, and as opportunities presented themselves, I did my best to integrate them into my economic paradigm.

TLDR; don't ditch the 401K.  Roll it over the a self-directed IRA if you like, but (provided you aren't sitting on debt), it's good to continuously squirrel away a portion of your assets in long term investments.


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OfflineLogicaL ChaosM
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Re: 401K from a Previous Company? [Re: geokills]
    #28634029 - 01/25/24 05:45 AM (3 days, 5 hours ago)

So i got an envelope in the mail today. It was from TriNet/Empower. Apparently, my 401K is being transferred automatically into a TriNet/Empower account.

In the letter, it mentioned all the options that I had with the money, just like all the options that geokills listed at the beginning of this thread. Gotta love that synchronicity! The automatic transfer will take 1 month and during that time, i will not be able to access the money at all.

One of the options was withdrawl or transfer. Im thinking of doing that option as I do have some debt right now and Empower charges $60 a year for the 401K service. Not much but by the time its time to retire (adjusting for inflation), Id probably owe them money! :lol:

In Mid-March, I will have access to the money again and will likely just withdraw to pay some debt off.


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OfflinemndfreezeMDiscordReddit
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Re: 401K from a Previous Company? [Re: LogicaL Chaos] * 2
    #28634521 - 01/25/24 01:31 PM (2 days, 21 hours ago)

The tax man will be comin for you hard like they were snortin viagras in the back room if you decide to withdrawal.

How much is in your 401k? 60 a year isn't really anything and you should be growing that money while it sits invested the entire time.

Anyway, if its a pretax 401k, you will get hit with your normal income taxes if you pull it, and an additional 10% early withdrawal penalty.


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OfflineLogicaL ChaosM
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Re: 401K from a Previous Company? [Re: mndfreeze]
    #28634545 - 01/25/24 01:52 PM (2 days, 21 hours ago)

Goddamn tax man!

Its barely any money, like $1,500. I only worked for that previous company for almost 2 years. Its the main reason why i want to withdrawal it and not keep it for retirement.


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Re: 401K from a Previous Company? [Re: LogicaL Chaos] * 1
    #28634621 - 01/25/24 03:03 PM (2 days, 20 hours ago)

Roll it over into a self-directed IRA account at Schwab or wherever you want really... there shouldn't be any fees and you can continue to let it grow through retirement.  $1500 may not seem like much, but given the S&P's 10.7% average annual return over the past 30 years, you're lookin' at that $1500 growing to over $62,000 in 35 years at that 10.7% annual compounded rate.


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