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Money Rehab with Nicole Lapin

"How Do I Get My 401(k) From an Old Job?"

Money Rehab with Nicole Lapin

Money News Network

Education, Self-improvement, Business

4.61.7K Ratings

🗓️ 15 June 2023

⏱️ 7 minutes

🧾️ Download transcript

Summary

Picture this: you have a job at a company with 401(k) benefits and then... you quit (or the job quits you). The good news is that money is still yours. But the retirement fairy won't just come and leave your 401(k) under your pillow. Nicole outlines the steps you need to take after leaving a job to make sure that your 401(k) is still working for you. All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank. Brokerage services for alternative assets are offered by Dalmore Group, LLC, member FINRA & SIPC. Brokerage services for treasury accounts offering 6-month T-Bills are offered by Jiko Securities, Inc., member FINRA & SIPC. Banking services are offered by Jiko Bank, a division of Mid-Central National Bank. Securities investments: Not FDIC Insured; No Bank Guarantee; May Lose Value.  Brokerage services for Regulation A securities are offered through Dalmore Group, LLC, member FINRA & SIPC. Risks at public.com/disclosures/alts-risk-and-conflict-of-interest-disclosure See public.com/#disclosures-main for more information.

Transcript

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0:00.0

I'm Nicole Lapin, the only financial expert you don't need a dictionary to understand.

0:07.0

It's time for some money rehab.

0:15.6

Everything has a series finale.

0:17.6

Bad bath and beyond, succession, and often our jobs.

0:22.3

But once the credits roll, we have to answer this question.

0:25.1

What happens next?

0:26.6

This is what money rehabber Amber wrote in to ask about.

0:29.2

Here she is.

0:30.2

Hi, Nicole.

0:31.2

I recently resigned from my job and don't know what to do with the 401K from my former

0:35.7

employer.

0:36.7

I'm a single mom and currently unemployed.

0:39.2

Do you have any suggestions on what I can do?

0:41.8

Thank you.

0:42.8

First of all, Amber, congrats on leaving your job.

0:46.6

We're tick, I know.

0:48.2

But I'm sure you spent a long time thinking about this decision and you have a very good reason

0:53.1

to leave, so good for you for doing what's best for you and your family.

0:57.3

A few things could happen next, but ultimately what happens is completely up to you.

1:01.9

So let's look at your choices.

1:03.4

Now you have a couple of things that we need to sort out about your financial situation.

1:07.8

Like do you have $5,000 or less in your 401K?

...

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