What to do with 401k from prior employer

[dhall1414]

Hey y'all, I could use some non hunting advice again. I have a 401k from a prior employer and I'm wondering if there's something I can do with it besides roll it into the new one. If there's a way for me to get the cash out without fines/fees that would be cool. I could use it to buy land or do home improvements or something that's inflation proof.

Thanks in advance.

[Monark]

I don't think you can take the money penalty free unless you are 59 1/2 YO.

[trophy8]

Roll it or pay fees. Lots and lots of fees. Lol

[HogHunter34]

You’ll get penalized 10% plus pay tax if you are less than 59-1/2
I did a direct rollover into an IRA with Vanguard. Pretty simple to do. You will have more investment options than your current 401k
Vanguards website has the instructions on how to proceed. It’s up to you to decide if you want to setup tax deferred or Roth based on tax you would have to pay based on the balance.
Personally, I like Vanguard funds as they are typically lower cost funds which can be an added benefit over long term gains. They also perform well. Hard to beat their index funds
Good luck

[RiverRat1]

Get with a good CPA and lawyer if you're trying to get it out without fees/fines.

I wouldn't even try unless it's for something very clearly laid out as acceptable.

[OldRiverRat]

Just roll to an ira
Have done several


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[glen]

Roll it over but I would suggest finding a financial advisor you trust and have them help you

[dhall1414]

Thanks y'all, I appreciate the advice.

[tx_basser]

If they extend the covid hardship withdrawal up to 100k you might qualify. Eliminates 10% penalty and gives you 3 years to claim as income on your taxes.

[Bluesman]

Roll it over but I would suggest finding a financial advisor you trust and have them help you

This, and take a personal decision to track investments. Be stern with financial advisors.

[Bassdeer]

Put it all on Red.

[ctom87]

Think outside the box and put it all on blue. The casino won't see it coming.

[boy wonder]

Talk to a Financial Advisor, there are some options (age dependent). If you're >55, the 10% penalty can be avoided, but "it depends".

[erikm1981]

I pulled mine and bought land! Best decision I ever made.


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[brokeno]

Be careful not to take it out and have to pay taxes on it. Best bet is to roll it directly over to vanguard. That's what I did to keep from paying taxes on the withdrawn.