401K After Quitting?

[Asuras]

Been on demand team member. Don't see myself work for Target anytime soon. And the random, "yo, you got to work or we terminate you" every 6 weeks is tiresome (Also have a Full Time & Part Time job that both pays better). Wanted to quit origianlly but got talked into becoming a on Demand Team Member. So what happens to your 401K after quitting? What can I do with it (I know I shouldn't "cash it". Can I just leave it where it is? Or?

 

[Planosss]

Hi, when they call you every 6 years, its most likely an HR person. Ask THEM what happens to your 401k, this is personal financial information you don’t want to publish on the internet. Have a good day.

 

[IWishIKnew]

I would leave it where it is until you have somewhere else to put it. In most cases people roll over previous 401K balances to their new employer's plan when they switch jobs, but you can leave it where it is and it will continue to appreciate and you can probably keep putting money in it if you want (though, obviously, Target will no longer match).

 

[Hardlinesmaster]

You can put it in an IRA.

 

[NKG]

Been on demand team member. Don't see myself work for Target anytime soon. And the random, "yo, you got to work or we terminate you" every 6 weeks is tiresome (Also have a Full Time & Part Time job that both pays better). Wanted to quit origianlly but got talked into becoming a on Demand Team Member. So what happens to your 401K after quitting? What can I do with it (I know I shouldn't "cash it". Can I just leave it where it is? Or?

It actually stays in an account until you cash it out. I found this out 2 years after leaving Target

 

[Dream Baby]

I would transfer the funds to a brokerage account.

If you leave it at Target I don't think you would be able to control how it is invested.

 

[Tacopie]

Roll it over. If you cash it out
You will lose 39% of it.
Example
Withdraw 1,000
10% Penalty-100
25% Federal tax and 5% State Tax -290
You actually get $610
‘You can elect to pay the taxes later but you will pay them. Uncle Sam doesn’t play.

 

[jackandcat]

Check with the 401k administrator, Edelman Financial Engines. Sometimes if you have a very small 401k balance, you might be given 60 days for a direct rollover to another broker or bank, and if you don't then they can make a "force out" cash payout with tax consequences. Otherwise, you can keep your money in the 401k for immediate future. When you go to another job, you can request a direct "custodian-to-custodian" rollover to the new employer's 401k. At any time, you can also request that Edelman make a direct "custodian-to-custodian" rollover of your 401k assets to an investment brokerage, bank or credit union. Note that when a custodian-to-custodian rollover occurs, your existing fund holdings are cashed out, a check or wire transfer is made to the new custodian, and your new custodian will need instructions from you how to invest your money.

 

[buliSBI]

IRA or you can roll it over to the financial/insurance company that I currently work IT for.