[ SECRET POST #3748 ]

[case]

⌈ Secret Post #3748 ⌋

Warning: Some secrets are NOT worksafe and may contain SPOILERS.

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Notes:

Secrets Left to Post: 02 pages, 50 secrets from Secret Submission Post #536.
Secrets Not Posted: [ 0 - broken links ], [ 0 - not!secrets ], [ 0 - not!fandom ], [ 0 - too big ], [ 0 - repeat ].
Current Secret Submissions Post: here.
Suggestions, comments, and concerns should go here.

Comments

Re: Retirement Plan

[case]

Also US based info!

Your contributions are automatically 100% vested and yours, nobody but you can touch that part. The non-vested part would be your employers' contributions/bonus money they add to your account. If you left, you might lose that extra, but that's the only part you can lose. (Though it's worth noting you keep your money but it's still in a retirement account - if you plan to withdraw everything as cash, there would be penalties.)

Lots of people turn down retirement plans anyway, I wouldn't worry about saying no. Since they usually take the money out of your paycheck, the most common (and completely valid) reason for not enrolling is that well, you need your whole paycheck now for whatever reason and can't wait to be 65+ to use it.

Re: Retirement Plan

[(Anonymous)]

So say I quit and get a job without a retirement plan or a non-compatible retirement plan, how do I keep that money without getting penalties?

Re: Retirement Plan

[case]

Assuming it's a 401(k), you can do a rollover into an IRA like shortysc22 mentioned above!

You just sign up for an IRA wherever (lots of people rec Fidelity or Vanguard) and do a rollover, which is basically you/them taking everything (vested) in your old work 401(k) and moving it into your IRA. Just note that even if you do that, an IRA is still a retirement account and there are restrictions on withdrawing money until you're age 59.5 (with some exceptions).

If you have a new retirement plan with a new employer, you can rollover it directly into there, too. There shouldn't be a compatibility issue, since buying/selling funds in a 401(k) generally doesn't incur any tax penalties, so they'd just sell everything and move it over as money, which you then reinvest in stuff the new plan has available.

https://www.fidelity.com/retirement-planning/learn-about-iras/401k-rollover-options
https://www.fidelity.com/retirement-ira/401k-rollover

Here's Fidelity's pages on those, if that helps.

Re: Retirement Plan

[(Anonymous)]

Thank you!