TL;DR at the bottom
Hi all,
I want to apologize in advance if I end up writing sporadically or chase a topic a bit too far. I'm "good" with money, but I'm naive when it comes to investing and accounts and I'm feeling a bit lost.
I'm 24, graduated in 2019 from university, and immediately after graduation, took a salaried position that lasted almost one year.
I was laid off at the beginning of April, unrelated to performance. I was sure to set up my 401K with my employer and was taking advantage of the maximum match and had an OK balance at release ($3k) from said company.
My 401K account is through Fidelity and currently holds $4k. Fidelity has since sent me a notice that I do not have a high enough balance vested to maintain the account in the Plan, and that they will be rolling over the account to an IRA and will be holding it in the Fidelity Cash Reserves until further direction.
This is where I'm at: I don't know what to do. Because I am no longer with the company, under Portfolio Investments my account is named "null (#####)" with actual numbers. When it rolls over to an IRA, I will not keep the stock that my money is invested in, I'll just have the cash value held in cash reserves for myself to invest elsewhere, correct?
My initial reaction is to leave it alone and let it rollover into an IRA, then look further into making my money work while it's sitting there.
But I know finance is complex, so I come to you all for guidance.
TL;DR: Laid off from job in April, 401K does not hold enough balance to maintain the retirement account, Fidelity is going to automatically rollover the account into an IRA, funds held in cash reserves. What to do next?
Thank you for reading and thank you in advance for helping me out!
Submitted November 20, 2020 at 07:41PM by Natendragon https://ift.tt/2UJpmFh
