401k help needed...

Tito Jackson · #1 05-12-2007, 01:42 PM

I just quit my job a couple of weeks so that I could just concentrate on going to school.i.e. I'm not going to be working right now. But I had a small amount of money in my 401k (about 3k). I noticed that IRA's require you to be employed to make contributions and participate. So my questions are:

1) Do I need to move my money elsewhere or would I be able to leave it alone until I get a job and a new 401k?

2) What options are out there that will accept a rollover from a non employed person?

Thanks in advance for any help/suggestions.

Tito

Sniper · #2 05-12-2007, 02:27 PM

You should have received information about your options wrt your 401K (and health benefits), when you quit...

prohornblower · #3 05-12-2007, 10:41 PM

Tito, you do not need to be employed to do a rollover.

I'd roll it into Vanguards Target Retirement 2045 fund or something.

Tito Jackson · #4 05-12-2007, 11:54 PM

The HR lady was brand new so she didn't know a single thing.
I'm going to look into that 2045 though, thx again guys.

Tito