I quit my job. I now have a 401K and don’t know what to do with it.

[bee43]

@runirogvason Don't withdraw it! The 10% penalty for early withdrawal isn't worth it. This money is part of your future retirement. Leave the 401K at Fidelity, or do a direct rollover to a personal IRA. It will continue to grow at Fidelity, but you will have more personal control in an IRA. Do you know what the money is invested in? At your age, I would be 100% in a broad-based stock mutual fund.

 

[runirogvason]

@bee43 Thank you I think you’re right. I need to look at the bigger picture.

 

[kayreborn]

@runirogvason Pls do yourself a big favor and follow “the money guy” on YouTube.

Listen as a podcast. And will transform your life. You are 30 still have plenty of time to invest but you must start now. Do not withdraw your money.

 

[harsin101]

@runirogvason The person who you are replying to is correct. When I quit a job I rolled my money into a Fidelity IRA. They make it easy. They can also recommend investments that are appropriate for you.

 

[revo74]

@runirogvason When I was your age I had the same situation. My financial advisor recommended that I roll it into a Roth IRA. You will pay the taxes upfront but the money will all grow tax free. Also at any time you can withdrawal the money invested with no fee due to already paying the taxes.