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What Should I Do With My 401K After Losing My Job?

I was recently let go from my job. My husband and I were planning to borrow from my 401k for our first home, now we can't. Can we rollover my 401k to his?

By Heath4111 from Hoboken, NJ

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January 29, 20100 found this helpful
Best Answer

Depends on the amount, company, etc. You need to check with your HR dept that you left. If it is over a certain amount you can leave it alone, if it is with an outside company already ie Principal. Don't use it! You'll have to pay penalties and taxes that could use it all up anyway. It's hard not to be tempted but remember it's for retirement...not a short term investment. Best of luck!

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January 21, 20100 found this helpful

I suggest to talk to your banker or put it in a federal credit union, good luck.

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January 22, 20100 found this helpful

Why don't you ask a professional person such as a person from a mutual fund, a bank or a CPA that deals with IRA's? A well meaning person would like to help but gives you the wrong information it will cost you big dollars in taxes if you get it wrong. I don't think the proferssional folks would charge for a question or two or three.

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January 24, 20100 found this helpful

Check with an accountant. In my state, you cannot do any type of rollover if you are receiving unemployment, since you are still considered an employee of that company and they have the right to recall you. Once your unemployment benefits run out or you get another job, you can roll over the money to another IRA account that is under your name. You cannot roll money over to another person's account--it would be like taking the money out (you'll have to pay taxes on it), and then putting other money into that person's account. Besides, why would you do that? Down the road, if something happened and you split, that person would get your money!

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January 25, 20100 found this helpful

If you have lost your job, can you afford to buy a house on one income? How stable is your husband's job? Think carefully before you take the jump to owing a home! Maybe you should wait? Best of luck to you and your hubby.

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What Should I Do With My 401K After Losing My Job?
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