So I had an internship this summer and when I got my first paycheck I noticed that about $30 had been taken out of it and put in a 401k. Apparently they automatically take a certain percent out of each paycheck unless you set that percent to 0, which I did after the first paycheck. I kind of forgot about it until now because I’ve been getting a bunch of emails about my 401k getting rolled over into an IRA at the end of the year, but I don’t fully understand what that means. It’s only $38 (I guess it’s gone up 17% since June which is surprising) but I’m in my last year of college and I’m going to law school next year so I won’t have a real income and real 401k contribution for about 4 years. Is there a way to withdraw it without paying a penalty or should I just let it roll over into an IRA (whatever that means) and worry about it in 4 years when I have a steady income and want to start saving for retirement?
Submitted December 13, 2020 at 06:44PM by LegitimateCatch https://ift.tt/34qKTIb
