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I am 36/single, dont own a home. I have left my job and starting my own company, I have $80K+ in a profit sharing plan that I need to roll over. What would you suggest I roll into, a 401K or an IRA, what is the difference? Unfortunetly a few of the funds are B, would you suggest leaving until they become A or suck it up and pay the penalty? I already have a ROTH IRA.
Also, I just purchased a new car and I am paying 7.82% interest on a $49K loan for 5-years, someone suggested I roll the money over to a 401K and borrow the money it and pay myself the interest, is this a good idea? Will a good 401K generate more then 7.82% return over the 5-years? Would I be better off paying the interest to the bank and leaving the money in the 401K?
Thank you in advance.
Mike
Posted by: Mike | November 17, 2006 10:24 PM
Many people are not aware and are not told about the options that they may have with a 401k rollover. BOA, Schwab and other large investment firms advertise IRA rollover products which are not truly self-directed. They limit your investment options and have onerous fees and hidden expenses.
Posted by: Faisal | August 25, 2009 11:57 PM