Thread regarding Baker Hughes layoffs

401K

i recently got laid off. for bhge 401K plan, is it better to leave it alone or rollover to a brokerage firm?

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Post ID: @11x5yYHW

7 replies (most recent on top)

Roll it over into an IRA. It is your money, take control of it.

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Post ID: @11x5yYHW-plcz

Cash it in and meet me at the Dog

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Post ID: @11x5yYHW-9lpx

Base your decision on the investment decisions you have, as well as the administrative fees. You may find (especially if you really don't want to change how it's invested) that the fees are lower where it's at. Good luck!

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Post ID: @11x5yYHW-9qzy

Depends, for US citizens over 55, if you leave it in the company’s 401k then you can make withdrawals without paying 10% penalty. If you roll it over to a IRA, you can still make withdrawals, but you will pay 10% penalty.

After 59.5 years old the 10% penalty disappears.

If you are under 55, you he choice is really yours on what you prefer as far as investment choices.

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Post ID: @11x5yYHW-3wnx

Roll it over to fidelity or vanguard. You'll have more choices and probably better expense ratios.

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Post ID: @11x5yYHW-1mxf

Depends on your age. If you are over 55 1/2, roll it over. Do not let them keep it. They did not want you so why let them keep your money? Find a good financial advisor and roll it into an IRA.

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Post ID: @11x5yYHW-1pad

Spend it on drink . Al least up be happy

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Post ID: @11x5yYHW-1yzn

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