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It normally takes your plan administrator 2-3 weeks to receive the notification on non-employment. They may require a specific wait period before a lump sum distribution is permitted. This information would be discussed in your Summary Plan Description.

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16y ago

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I am 55 and have a 401k to reinvest since i quit working. where should i reinvest?

I would need to ask you some questions to give you a great answer but here is a good answer. At age 55 and either retired or very near retirement, preservation of capital is key. When will you need to start pulling the money out of the savings? You would be rolling your 401K into an IRA. I suggest at least one annuity. If you can wait 10 years for some of your money than 6% guaranteed for 10 years would come very close to doubling your money. In the meantime some other shorter IRA's might be wise if you need money sooner and those have guaranteed rates of 3-5 % depending on the duration of time.


What do banks do with the money you deposit into your savings account?

Take the money, put it aside for you and wait for you to return and get it.


How long after selling a house should you wait for the money from the solicitor?

Provided all the legal paperwork is tied up, the solicitor should pay you within a very few days.


How long wAit to purchase a home after a short sell?

There is not a time limit on how long you have to wait to buy a home after a short sell. It all will depend on how long it takes to clear.


When can you get your 401k money?

You can typically access your 401(k) money when you reach age 59½ without incurring a penalty, though you will still owe income taxes on the withdrawals. If you leave your job, you may have the option to cash out, roll over to an IRA, or wait until retirement. In certain circumstances, such as financial hardship or disability, you may be able to withdraw funds earlier, but this often comes with penalties and tax implications. Always check your specific plan's rules for details.

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