I am a-- 9 years in wireless and dec 23 is my last day. Does anyone know the amount of time after last day you recieve your 401k payout? Im investing on my own and wondering anout time frame. Thanks for any info
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If you cash out your 401k it will add to your yearly income and taxed, and pay a 10% penalty for cashing it out early depending on your age, if you don't roll it over into another qualifying retirement account.
you can leave or take the 401K. It will stay where it is until you ask for it. The same is case if you have a vested pension.
Unless you can watch your selected investments on a daily routine you may want to move your acct to a 401k retirement account away from VZ after any company payouts in Feb. Just leave it alone in Fidelity as you can always do deposits to it when you have the money.
To simplify things somewhat for yourself...leave your 401 alone for time being or at least until the previous years profit share amount is declared and put. Into your 401. So you are self investing your retirement money huh? That's a really really bad idea, stick with target funds or etf's self investing in specific stocks...you will be broke in no time. Simply your retirement investing, invest continually and leave it alone, ride out bad times (keep investing) keep holding in good times (keep investing)
Self investing retirement money in specific stocks is just stupid .... I mean STUPID.
@dwg, I could tell you were into 'bears'
Payout? You can stay with Fidelity investments. You do realize that right?
401K payout occurs 60 days after your last day of employment. there is a 60 day hold for any money the employee may owe to VZ, i.e. tuition reimbursement, etc.
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Contact fidelity. Based on your balance you can keep it in the fidelity account or rollover to another IRA or take a distribution.
9 years in wireless, huh?
Try the wireless site then:
https://www.thelayoff.com/verizon-wireless
What do you mean 401k payout? You are past 5 years so you are fully vested. But you should be rolling it over into another 401k or an IRA to avoid penalties and taxes.
Additionally, if you were laid off, your seperation paperwork should indicate of you get profit sharing deposited in March of 2018. Otherwise if you quit or were fired you should be able to take your money after your last day.