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02-04-2015, 01:17 AM
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#1
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Gaining Momentum
Join Date: Jul 29, 2010
Location: Fort Worth
Posts: 35
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Alright fellers, need some $$$ advice
So, here's the deal. I got laid off in May and rolled my 401k into a Roth IRA. my friend's firm just got sold and he didn't contact me to let me know. Is my $$ still safe and can I access it? Should I be screaming at this guy for potentially fucking me over? I'm thinking that if I still have access, I should just roll into Fidelity
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02-04-2015, 04:15 AM
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#2
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Account Disabled
Join Date: Sep 28, 2014
Location: North Texas
Posts: 22
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Get your money and put it in a vanguard no load index fund. Don't try and be a trader, be an investor. Good luck!
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02-04-2015, 04:15 AM
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#3
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Valued Poster
Join Date: Sep 30, 2011
Location: Fort Worth
Posts: 1,181
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You're asking for financial advice on a hooker board. Shouldn't the call to Fidelity take priority.
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02-04-2015, 05:24 AM
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#4
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Sanity Check...
Join Date: Mar 31, 2010
Location: North texas
Posts: 12,565
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The only accurate advice you'll probably get here is to cash it in and burn it on Providers.
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02-04-2015, 06:26 AM
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#5
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Valued Poster
Join Date: Jan 14, 2010
Location: dallas area
Posts: 3,394
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Not enough info, but I'm assuming any 401, Roth, retirement acct's, etc, are run by a separate establishments, not your (previous) employer. Other than your employer setting some rules on how you can invest, he should have no access to your funds. And now since your no longer employed, you have complete control over what and how you invest or do with your money.
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02-04-2015, 07:31 AM
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#6
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Valued Poster
Join Date: Aug 29, 2011
Location: LONDON
Posts: 2,630
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Quote:
Originally Posted by hd
Not enough info, but I'm assuming any 401, Roth, retirement acct's, etc, are run by a separate establishments, not your (previous) employer. Other than your employer setting some rules on how you can invest, he should have no access to your funds. And now since your no longer employed, you have complete control over what and how you invest or do with your money.
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^^^What he said is mostly accurate however, the employer cant control how you invest; only what you can contribute, how or if they contribute(match your contributions), if you can borrow against, etc etc.
Assuming you rolled it over yourself, and he didn't just Roll it over into His Personal or Business account you should be fine. I would get to dialing ASAP.
What kind of real friend sells the company without telling you before hand...
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02-04-2015, 08:14 AM
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#7
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Moderator
Join Date: Nov 21, 2009
Location: Happyville
Posts: 11,364
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Did you get laid of from the friends firm, or you got laid off, and your friend owns an investment firm which is where you rolled over your money.
Unless your friend is related to Bernie Madoff my guess is your IRA is safe, but yeah what do we know.
Hire 25 hookers for a week and have an orgy...
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02-04-2015, 11:37 AM
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#8
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Valued Poster
Join Date: Jan 14, 2010
Location: dallas area
Posts: 3,394
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Quote:
Quote:
Originally Posted by hd 
Not enough info, but I'm assuming any 401, Roth, retirement acct's, etc, are run by a separate establishments, not your (previous) employer. Other than your employer setting some rules on how you can invest, he should have no access to your funds. And now since your no longer employed, you have complete control over what and how you invest or do with your money.
^^^What he said is mostly accurate however, the employer cant control how you invest; only what you can contribute, how or if they contribute(match your contributions), if you can borrow against, etc etc.
Assuming you rolled it over yourself, and he didn't just Roll it over into His Personal or Business account you should be fine. I would get to dialing ASAP.
What kind of real friend sells the company without telling you before hand...
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8701, I meant to say the employer can stipulate what funds the employee can invest in. Such as with our Vanguard 401 accounts, Vanguard offers a lot, but my company's officers stipulate which funds will be in our plan. We have many people here who aren't investment savvy, so to make sure they don't foolishly invest in the wrong funds and loose it all, we have a list of fairly safe funds to put our money into.
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02-04-2015, 03:16 PM
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#9
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Valued Poster
Join Date: Aug 29, 2011
Location: LONDON
Posts: 2,630
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Quote:
Originally Posted by hd
8701, I meant to say the employer can stipulate what funds the employee can invest in. Such as with our Vanguard 401 accounts, Vanguard offers a lot, but my company's officers stipulate which funds will be in our plan. We have many people here who aren't investment savvy, so to make sure they don't foolishly invest in the wrong funds and loose it all, we have a list of fairly safe funds to put our money into.
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We are on the safe page Hd, I was Not trying to discredit you my friend...you gave him accurate sound advice.
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02-04-2015, 04:13 PM
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#10
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Premium Access
Join Date: Jan 7, 2010
Location: DFW
Posts: 1,910
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you rolled a regular 401K into a Roth IRA or you rolled a Roth 401K into a Roth IRA? Why did you roll your deferred 401K into a Roth? Did you pay the penalty?
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02-05-2015, 07:35 AM
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#11
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BANNED
Join Date: May 5, 2013
Location: Phnom Penh, Cambodia
Posts: 36,100
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Quote:
Originally Posted by slowmover
you rolled a regular 401K into a Roth IRA or you rolled a Roth 401K into a Roth IRA? Why did you roll your deferred 401K into a Roth? Did you pay the penalty?
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may have been after-tax contributions to begin with... probably not.
separation from the job mitigates the penalty.. I think you mean the tax.. so yeah, why did you roll the 401k into a Roth?
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02-05-2015, 08:52 AM
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#12
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Account Disabled
Join Date: Oct 20, 2011
Location: Promo Code MY600
Posts: 4,389
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Bingo, 8701.....and if you've not done that (called and gotten your funds transferred) already shame on you for procrastinating.
Secondly....sounds more like an "acquaintance" than a friend. A "real" friend would have given you the heads up long before the ink dried on the sale of his firm. Shame on him for not picking up the phone.
Quote:
Originally Posted by 8701
........I would get to dialing ASAP.
What kind of real friend sells the company without telling you before hand...
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