New job, rollover vs cashing out?

[kdlong]

roll over in a ira. atleast you will be able to borrow against it if need be.if you pull it out you will pay taxes on that money plus on the money you earn the rest of the year.it is better to pull the money out at the first of the year then the end. that way you can save up for the tax difference during the year instead of having to come up with it all at once.you can count on 30% going to penalty and taxes off the top then the loan balance you might wind up with a little over 6000.00.

 

[cjjtulsa]

Leave it there; that way when the guberment confiscates personal retirement accounts for "equal distribution" amongst retirees (in lieu of the bankrupt Social Security), I'll still get a check!

 

[Larry Morgan]

At the very least, roll it into a roth 401k. You put money in Roth 401k's after taxes, but they are tax free when you pull the money.

 

[vvvvvvv]

Roll it over.

I'm embarrassed to say that I made the mistake of cashing mine out once. Even though it was much smaller (~$2K), I only saw about half of it once Uncle Sam and the State of Oklahoma were done with it.

 

[ronny]

I'm 72 years old. I know something about this. Roll that sucker over and keep contributing.

 

[brennan]

cash!

 

[cjjtulsa]

At the very least, roll it into a roth 401k. You put money in Roth 401k's after taxes, but they are tax free when you pull the money.

You can't. A 401k has to be rolled into a traditional IRA.

I keep my 401k, but am pretty convinced the U.S. dollar will no longer exist when I'm retirement age (43 now).

 

[bettingpython]

As a fast Paced growing community we face all kinds of troubles with Spams/Adds and other forum inappropriate posts.

Bye bye spam bot.

 

[SgtMojo67]

roll it over....I cashed mine out and got penalized like crazy....on top of that, the City of Tulsa didn't take out state taxes....which was a nice chunk. Get a 2nd job delivering pizza's, papers, etc... to pay off your debt....I didn't have near as much in my retirement acct though. I only worked there two years. I'm now contributing to my police pension....

 

[Honeybee]

I am 54 years old and cashed out my retirement back when I was 38 because I needed to pay off some heavy debt and medical bills.

I reasoned that I could start it back up but never did, Well now I have no retirement so I guess I will work for the rest of my life.