How "best" to liquidate a "401-K"?greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
Can anyone give me some "free" advice on the "best" way to liquidate my 401-K? Anyone know what the "penalties" will be-- even in light of the IRS not being around post-EOTHAWKI? Thanks.
-- Albert E. Potts (Potts5116@aol.com), January 03, 1999
The best advice where a 401-K is concerned:
Keep it right where it is. But get paper records. Money will not vanish. Its location might get a bit confused....so back up your position in hard copy.
John Howard, optimist, MBA
-- John Howard (Greenville, NC) (firstname.lastname@example.org), January 03, 1999.
The best advice on liquidating a 401-K, if you're going to do it, is to do it SOON. Some people who are planning to liquidate wanted to wait until January 1999, so they wouldn't have to pay taxes on it until April 2000.
Well, now it is January 1999.
The stock market is on its way down. If you're going to liquidate, do it while the Dow Jones is still above 9000.
-- Kevin (email@example.com), January 04, 1999.
Check out previous threadson this subject - it's been discussed in *great* detail. Good luck - be quick.
-- Andy (2000EOD@prodigy.net), January 04, 1999.
I liquidated mine (IRA) this morning. I expected a line at the Meryll Lynch office but was surprised to see everything was business as usual.
Note that you have 60 days to reinvest the money into an IRA without penalty.
-- a (firstname.lastname@example.org), January 04, 1999.
Liquidated my 401k by changing jobs.
Seems our "greatest economy in fifty years" saw my (then) employers loose one-third of their business because Asia tanked. So they let go one-third of the workforce, especially those of us working on a new Asia-targetted product. I guess they see a real quick turn-around over there, too.
But I took the oportunity handed to me as a sign to get while the getting was good. I cashed-out before the end of June, 1998 and Wall Street took its dive right afterwards. Some things are obviously meant to be. I did take a tax hit, but nothing has been spent except on Y2K preps.
-- wildweasel (email@example.com), January 04, 1999.
I have been meaning to ask you sir, Were you the driver or the back seater? Did you do any "IRONHAND" in SEA or visit the the desert?
Check your 6
-- sweetolebob (La) (firstname.lastname@example.org), January 04, 1999.