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Otherwise, your 401(k) is for retirement and that’s it!So, why is Dave so firm about leaving your 401(k) alone?
Listeners call into The only time he might say to consider it is if it’s to avoid bankruptcy or foreclosure.
But there’s a caveat: Make sure your new plan has a diverse array of stock and bond funds to choose among and that fees are reasonable.
The annual expense ratio on each fund shouldn’t be more than 0.75%, Dorsainvil says.
If you have ,000 in your plan, that’s a ,500 tax bill—leaving you with only ,500 in cash.
Even worse, you’re forfeiting tens of thousands of dollars in future compounded growth on that money over your career.
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Here’s how to hang on to your 401(k) plan funds: Don’t take the cash.