Current Events > huh. so my fiancee apparently had a 401k from her last job. it rolled over to

(+) Yeah! (+)

some random company called the Millenium Trust Company who's business is apparently taking people's un-touched 401ks and bleeding them dry with annual fees and hoping no know notices it.

well luckily i found it.

so uh

what do i do with it. i know i cant cash it out or else ill lose about 1/3 its value so id rather transfer it into a real bank.

but uh.. which one. wtf is an ETF

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ETF = exchange-traded fund.

Basically means the money is traded on stock exchanges.

Josiah_Is_Back posted...

Basically means the money is traded on stock exchanges.

so like, i buy stock?

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>posts a topic six months ago saying you got married
>posts you're not married yet

amixedracebaby PLS
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As long as you put it into another retirement account you won't get penalized.
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harley2280 posted...

As long as you put it into another retirement account you won't get penalized.

yeah. im trying to do research but im still confused a bit.

so most people seem to say put it into stocks, so a brokerage account like with Charles Scwabb. or, i can put them into a CD or money market account... but those dont seem to have any better dividends than a normal savings account so it seems like brokerage is the way to go

but then you gotta pick which stock you buy? do you just pick which ones you want until you use up all your money?

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TheBlueMonk_ posted...

harley2280 posted...

As long as you put it into another retirement account you won't get penalized.

yeah. im trying to do research but im still confused a bit.

so most people seem to say put it into stocks, so a brokerage account like with Charles Scwabb. or, i can put them into a CD or money market account... but those dont seem to have any better dividends than a normal savings account so it seems like brokerage is the way to go

but then you gotta pick which stock you buy? do you just pick which ones you want until you use up all your money?

You'll have to start by rolling it over into a 401K, or something like a Roth IRA. It has to go into a retirement account if you don't want to be penalized.

Then once you have it in that account it's normally automatically invested by the company managing the account. You have the option to make adjustments yourself if you want to.

An EFT is basically a fund that invests in a specific selection of stocks. They're good to help diversify, but you don't have any actual ownership of the individual companies within those efts.
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how much are the fees? you're probably exaggerating like crazy

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ColdRainAndSnow posted...

how much are the fees? you're probably exaggerating like crazy

i dunno the website says ill pay federal taxes, state taxes, and a penalty fee. came out to be around 800-1000 in taxes/fees depending on what taxes ill end up paying

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