I get to keep my 401(k) account!

By Yuki
@yukimori (9040)
United States
January 3, 2018 3:56pm CST
I officially left my job a bit more than two weeks ago now, so I've been half expecting to get a check in the mail from the 401(k) plan administrator. While it would be nice to have, I wasn't really looking forward to it because of the tax implications and having to deal with figuring out where to roll it over to. I was honestly leaning towards calling the administrator to see if they'd let me just roll my balance over into my husband's account so I wouldn't have to worry about it. Anyway, I finally got a nice thick envelope from them in the mail today. It was just a generic form letter, but the gist of it is that I can keep my account with them open because my balance is above their $1,000 minimum. All that worry about a lump sum disbursement for nothing... and a quick glance at the FAQ on their page shows I could have avoided it all if I'd bothered registering on the site before today and done my research. I will be getting a little bit back from my employee stock account, though, since I had some contributions that haven't been used to purchase shares yet. I had a fleeting thought about putting that into Bitcoin, but I think the riskiest move I'll make with that is going to be buying a few more shares of my previous employer's stock through Stockpile.
6 people like this
6 responses
@JolietJake (51135)
• United States
3 Jan
You should invest in vinyl. I have a few choice albums I can sell you that may increase highly in value.
3 people like this
@yukimori (9040)
• United States
6 Jan
Darn, I'm totally broke... wanna trade it for my beachfront property in lovely northern AZ?
1 person likes this
@celticeagle (117837)
• Boise, Idaho
4 Jan
I've been watching American Greed on cable lately.Many stories of fraud in stocks and bonds. Bitcoins are risky. Your previous employer's stock sounds like a sounder bet. Good luck!
1 person likes this
@yukimori (9040)
• United States
6 Jan
Thanks! As tempting as the Bitcoin thing may be, I can't justify taking that kind of risk. It's pretty much 50/50 IMO... on one hand, I could make a decent profit. I've already gotten pretty good returns for my "effort" with Bitcoin faucets... buuuuut on the other hand the whole thing could go kaput and Bitcoins could be as worthless as Sears stock is today. Nope, not for me.
1 person likes this
@celticeagle (117837)
• Boise, Idaho
6 Jan
@yukimori .....I would not be taking a lot of risk either.
1 person likes this
• United States
4 Jan
Being able to keep your 401K is good news
1 person likes this
@yukimori (9040)
• United States
6 Jan
It was. I'm just thankful I don't have to figure out what to do with it anytime soon...
@sallypup (26679)
• Moses Lake, Washington
4 Jan
Congrats!
1 person likes this
@yukimori (9040)
• United States
6 Jan
Thanks!
@Corbin5 (103332)
• United States
3 Jan
What a relief you get to keep that 401 (k). That made things a lot easier.
1 person likes this
@yukimori (9040)
• United States
6 Jan
It does. I'm so glad I don't have to worry about getting the rollover completed in the allowed window!
1 person likes this
@paigea (22010)
• Canada
7 Feb
Glad that worked out!