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The Water Cooler
General Discussion
New job, rollover vs cashing out?
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<blockquote data-quote="bigfug" data-source="post: 1473700" data-attributes="member: 4864"><p>First, my new job is with the city, IT Support Specialist assigned to DPS/Radio Shop on 15th, so, any of you PD or city guys that stop in, say hi.</p><p></p><p>Second, trying to decide what to do with my 401k since City has something entirely different than a 401k. I am 30 years old, and hope to stay with the city through the 25 years to reach retirement, unless something spectacular comes up, as this is a good job/benefits etc. I currently have 14442.41 in my 401k, with an outstanding loan balance of 3822.88. There will be at least two more contributions and payments to the 401k and loan before seperation. The loan will be paid out of the remainder, so I will have to pay taxes on that. So, I can take that remainder, put new carpet in the house, replace my Iphone that was stolen today, buy a wilson combat (850 for a border patrol, quad rail, side saddle, case, NIB!), new carpet in the house, and pay off a few bills, which ultimately will reduce my monthly expenditures by over 200 a month. Or I can roll it over into a Roth or something. I even thought there was an account I could roll it into that after a certain period, like 3 years or something, I could take it out without penalty etc, am I wrong on that?</p><p></p><p>ETA: I should also mention that my wife works and contributes to her 401k as well.</p></blockquote><p></p>
[QUOTE="bigfug, post: 1473700, member: 4864"] First, my new job is with the city, IT Support Specialist assigned to DPS/Radio Shop on 15th, so, any of you PD or city guys that stop in, say hi. Second, trying to decide what to do with my 401k since City has something entirely different than a 401k. I am 30 years old, and hope to stay with the city through the 25 years to reach retirement, unless something spectacular comes up, as this is a good job/benefits etc. I currently have 14442.41 in my 401k, with an outstanding loan balance of 3822.88. There will be at least two more contributions and payments to the 401k and loan before seperation. The loan will be paid out of the remainder, so I will have to pay taxes on that. So, I can take that remainder, put new carpet in the house, replace my Iphone that was stolen today, buy a wilson combat (850 for a border patrol, quad rail, side saddle, case, NIB!), new carpet in the house, and pay off a few bills, which ultimately will reduce my monthly expenditures by over 200 a month. Or I can roll it over into a Roth or something. I even thought there was an account I could roll it into that after a certain period, like 3 years or something, I could take it out without penalty etc, am I wrong on that? ETA: I should also mention that my wife works and contributes to her 401k as well. [/QUOTE]
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New job, rollover vs cashing out?
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