I have an old 401K from a previous job that I had kind of forgotten about. I was reminded of it this week when I got my annual statement in the mail. It’s about $14,000, so not a ton of money (I wasn’t at this company too long). I figure it doesn’t really make sense for me to leave it sitting there, since I can’t add to it or anything. I’m wondering what’s the best thing to do with it.
I don’t have a 401K I can roll it over to because current job has a pension plan. My pension is fairly close to vesting. I don’t plan on staying at this job indefinitely, but once my I’m fully vested then it won’t matter. The terms of my contract say I can still collect my pension once I hit retirement age even if I’m not working for the company when I retire.
What should I do with the money in this old 401K? What I’m tempted to do is take that money out and use it to pay off some debts. Is that a terrible idea? Would I be better off taking the money and moving it into some other sort individual retirement account like an IRA?
Submitted December 07, 2019 at 06:41PM by Guy_Buttersnaps https://ift.tt/2P1fbd9
