I am a 27/F and have been contributing to my 401k since I was 23. I do not understand investment lingo very well so PLEASE feel free to dummy down the vocabulary as much as possible.
I was laid off four months ago due to the thriving economy and have to make a choice on what to do with my 401k (approx value of $11K). I like the company that has been handling my 401k while I was working. However since I have been laid off, I have been paying a higher maintenance fee because my account has not been moved into an individual account.
What are my choices? I do not want to cash it out (take the money and not reinvest it). I would like to keep the investments I have made (knowing the market will rebound before I retire). I know that the money I have invested is pretaxed. I guess I like this option because I know I won?t loose anything I have invested.
I have heard that I can cash out my stocks & mutual funds then buy again with some sort of other investment. (I feel if I cash out I?m somehow loosing something I have invested). This is where I get confused. I?m not sure I know what that means. Is that considered a roll over? What?s a traditional IRA and a Roth IRA and what are their similarities and differences? (It should be obvious by now that I really don?t have a clue here.)
No one close to me has a clue about this sort of thing. I would like advice from people who have nothing to financially gain from me. The only advice I was offered was to find out the maintenance fees for an individual account at the current place my 401k is at, at my bank (nationally known), and at my financial group. Choose the one who will somehow keep the most of my money (depending on my options) and the lowest maintenance fee. Was that good advice?
PLEASE HELP!
Source: http://rothira.soolutions.com/roth-ira/laid-off-what-are-my-options-with-my-401k/
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