Life After Roehl

You can take the money and pay the taxes and penalties, move the money into a different retirement account, or leave it where it is as far as I can tell from the paperwork they sent me, I haven't done anything yet so it is still with WF.

 

Do you remember how long it was until you got the paperwork, and do you know if there is a limit of how long you can keep it with WF?

 

It was around 6 weeks I think, and I believe you could leave it with WF till retirement, should be starting with Roehl again in a couple weeks so I never finished going through with doing anything with it.

 

If you transfer any 401k directly into another 401k of your choice after leaving a company there are no penaltys.
Unless WF charges you crazy fees I would leave the 401k where its at, if your new company dosent have a 401k.

 

I took out my 401k it cost me 20% taxes when all said and done.

 

The problem with moving your 401 out of WF is that you have to come up with 10% becasue they withold that much until you establish the new 401.

 

I am not a tax advisor but do have plenty of experience with 401k's and different types of IRA's. The following is not advice but is what I would do.

If I was in the situation of leaving a company where I had a 401k, I would consider rolling that 401k directly into a traditional IRA. In taking this action, penalties are avoided and taxes will continue to be deferred. My personal preference would be to find an IRA custodian that manages self-directed IRA's, thereby allowing a specific type of investment to be chosen. A further preference would be a precious metals (gold and silver) fund.

 

I cashed out and used it for a down payment on my house.

 

What was the time frame from the time you quit until you had your check in hand?

 

So, I am scheduled to go to orientation with Roehl, but then Schnieder calls today and I am approved to lease with them and thier choice program.......what to do, what to do.