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Could anyone give me advice concerning a 401 k rollover?
I had my 401k from a former employer rolled over in a Charles Schwab account for investing. No investing has been done yet. Would it be wiser for me to make the investments or rely on their investment people to help me? I have little experience, but don't want to pay excessive commissions or fees, unless my returns are excessive as well. Thank You
1 Answer
- JudyLv 78 years agoFavorite Answer
I sure hope you rolled it into a rollover IRA at Schwab - if you just put it into a regular investment account, you'll owe tax on the full amount this year. If it's not in an IRA, you have 60 days to put it in one, starting the date the money came out of the 401K.
If would probably be a good idea to have it in mutual funds rather than individual stocks.
