http://amateurassetallocator.com/2010/04/09/401k-rollover-to-ira-why-bother/ Amateur Asset Allocator Tue, 22 May 2012 02:58:13 +0000 hourly 1 http://wordpress.org/?v=3.2.1 http://amateurassetallocator.com/2010/04/09/401k-rollover-to-ira-why-bother/comment-page-1/#comment-8532 David R. Thu, 15 Apr 2010 22:14:59 +0000 http://amateurassetallocator.com/?p=4499#comment-8532 Kyle, I thik the ability to borrow from a 401k can be more hurtful than helpful. Daddy Paul is right, people will misuse their money if they have access to it. I have an advisor primarily because I know he will knock me on the head if I deviate from our financial plan. -Dave Kyle,
I thik the ability to borrow from a 401k can be more hurtful than helpful. Daddy Paul is right, people will misuse their money if they have access to it. I have an advisor primarily because I know he will knock me on the head if I deviate from our financial plan.
-Dave

]]> http://amateurassetallocator.com/2010/04/09/401k-rollover-to-ira-why-bother/comment-page-1/#comment-8419 Daddy Paul Sat, 10 Apr 2010 02:02:26 +0000 http://amateurassetallocator.com/?p=4499#comment-8419 Good advice. I advise most people to roll the 401K over. Most people should do it because they simply do not want to deal with their old employer. Two good reasons not to. If you are between 55 and 59&1/2 and will need the money 401K money comes out penalty free IRA money has a 10 penalty. Another reason is physiological. If you know you do not have the will power to misuse the money leave it with the old employer. I have seen people buy single stocks, penny stocks, options, futures, sector funds and a whole host of high risk investments and lose their savings. Good advice. I advise most people to roll the 401K over. Most people should do it because they simply do not want to deal with their old employer.
Two good reasons not to.
If you are between 55 and 59&1/2 and will need the money 401K money comes out penalty free IRA money has a 10 penalty.
Another reason is physiological. If you know you do not have the will power to misuse the money leave it with the old employer. I have seen people buy single stocks, penny stocks, options, futures, sector funds and a whole host of high risk investments and lose their savings.

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