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TheHawk92

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What should I do with my 401k?
I left a previous job which I had a 401k at to pursue a job where I am self-employed. What would be the best option to do with my 401k should I just leave it where it is or, how would I know if rolling it over into something such as a IRA would be right for me? Also, how would I know which retirement saving option would be right for me being self-employed?

I don't know a whole lot about retirement options and I tried to do some online research but was not able to come up with a clear answer. as I always just contributed to my employer's 401k in the past but, I will be able to draw in substantially more income being self-employed.

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The IRS assesses a 10% penalty for early withdrawal (prior to age 59½). Further, the 401(k) plan provider will be required to withhold 20% for federal income taxes and 2% to 8% for state income taxes, depending upon state of residence.  You have 60 days to roll it over without a penalty.

You may wish to speak to a tax accountant or an investmeht advisor.

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I'm not wanting to do a early withdraw, i'm just considering doing a direct rollover. So your saying  I will still encounter fees for rolling it over after 60 days? 

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