Retiring in two weeks, what should I do with my $10,000 401K

[C50]

If the only investment/retirement money the OP has is the $10K I'm not sure it matters much where it's moved. Sure you want to maximize growth but it's such a small amount that it will never turn into a significant investment account, in twenty years at 5% growth it's only $26,500.

The concern I have is can the OP retire and live on SS? If the $10K is all there is retirement wise that's not much of a supplement to SS, it's more of an emergency fund.

So for me the big question is the $10K going to be picked at year to year for living expenses or can it safely be invested and left to grow for a a couple of decades?

 

[Liberty]

My mother only got $600 a month but that's because she didn't pay into the system for a good portion of her working life. Believe it or not she lived well on that. She never wanted for food, with the PAAD plan she only paid $5 for each of her meds. She had beautiful clothes and though she wasn't much for travel, she'd go on bus rides when ever she could. She lived in a nice public housing senior building (after I had them transfer from the one that started going down) and only paid $200 a month for rent. She had an adequate savings as well that she didn't need to touch after my father died.

Guess those were the good old days, right...lol.

 

[Michael Z]

Find a way for this money to keep up with inflation. Right now inflation is a little over 3% (thankfully) so this $10000 will only be worth $5000 in 24 years. If you save it, get a rate of at least 3%.

 

[boliverchadsworth]

I am retiring in two weeks (I am 62.75 years old) and will have a small 401K from my employer now. I am wondering what the best thing would be to do with it? I know I can just leave it where it is, or I can roll it into an IRA that I create.I could also roll it into a new ROTH IRA that I could create but I would have to pay the uncollected taxes when I do so. My question is, what does everyone think I should do to maximize my account but keep it safe. Thank you!

buy maple leafs one or two at time so you are not tracked....
you have engough for 4 plus left over

 

[OneEyedDiva]

Guess those were the good old days, right...lol.

Actually not the "good ole days" when it comes to public housing, at least here in N.J. No matter how much you make, they only charge 33% of your income and the rent includes utilities.

 

[Liberty]

Actually not the "good ole days" when it comes to public housing, at least here in N.J. No matter how much you make, they only charge 33% of your income and the rent includes utilities.

Glad that your mom lived well on a low income then though. Sometimes we look back and things looked so rosy that we forget all
the cons to those times. Faulty memory for sure...lol.

 

[ShockWaveRider]

I would move it to an IRA at Fidelity or Schwab and go from there. This begs the question of how can anyone retire with only $10k in their 401k? Unless of course they have significant savings elsewhere.

 

[jlhog]

I would move it to an IRA at Fidelity or Schwab and go from there. This begs the question of how can anyone retire with only $10k in their 401k? Unless of course they have significant savings elsewhere.

You cant take it with you. I know several people that have retired with little or no savings, my self included. I still work two days a week, but make as much or a little more than I did working 40 hours a week. One must live within their means.