401K
I’m 71. I have a 401K plan from a previous employer. Business was sold and new owner will not contribute to it. What should I do with it? I want to put it in some safe. Don’t need the money in the near future.
Amount is <$6,000.
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Thank you
Terry Says
Read this article on how to do a Rollover. https://www.terrysavage.com/rollover-now/
Take the money to Fidelity or Vanguard directly, following the above rules.
Then put about 30% in their Equity-Income Fund, and maybe the rest in their U.S. Treasury money market fund.
Remember, you will have to start taking Required Minimum Distributions the year you reach age 73. They will advise how much you must withdraw each year.
