Go back to previous topic
Forum nameGeneral Discussion
Topic subjectRE: How much do you know about your 401k?
Topic URLhttp://board.okayplayer.com/okp.php?az=show_topic&forum=4&topic_id=13448516&mesg_id=13448634
13448634, RE: How much do you know about your 401k?
Posted by ChampD1012, Tue Nov-23-21 09:13 PM
>If you wanted to use it in an emergency, would you be able
>to? How much would you be able to use?

I can borrow up to $50,000 for general use or to buy a house...terms can be different though...

if I have a financial hardship, I can do a withdrawal...but that's taxed and you'll have to pay a 10% penalty on top of that...

>If you leave your company, what's going to happen to your
>money afterwards? What are your options?

You have three options at my company...

1) Keep it where it is...
2) Transfer to an IRA
3) Cash it out

>
>If you have old 401k money from old jobs, do you know the
>names of the firms where it's held? is it still there? when's
>the last time you checked?

Can't relate to this one. Been at the same gig my whole career...19 years in...

>What are you currently invested in? How's that working out for
>you?

I have a mix of my money being in two funds...one fund follows the S&P 500...and another fund follows the Small Cap 400...

And I will say...it's doing pretty damn well to say the least...I can't expect 20% per year...but the last few years have been pretty damn good...

as long as it evens out to around 8%-10% per year aggregate...ill be fine...

I'm on pace to retire at my eligibility date...