How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Rakhi Vasavada Your Own Question
Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 2608
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
43581946
Type Your Finance Question Here...
Rakhi Vasavada is online now
A new question is answered every 9 seconds

What should I do with my 401. I'm 62 this year cash it in

Customer Question

What should I do with my 401. I'm 62 this year cash it in put money in my own safe?
Submitted: 1 year ago.
Category: Finance
Expert:  emc011075 replied 1 year ago.
Hi. My name is ***** ***** I will be happy to help you. It would be not advisable to cash your entire 401K all at once. You will get hit with a huge tax bill and if you already collect social security benefits, up to 85% of it could be taxable. It is also not the best retirement planing strategy to keep large amount of cash in a safe. Ideally you want your retirement savings to be invested and earn interest. You can support your income with monthly distributions from your 401K. You can also roll it over into your Individual retirement account - IRA. If you are comfortable to manage and invest your own retirement savings you can do it on your own or you can hire an adviser to do it for you.
Expert:  emc011075 replied 1 year ago.
I see you read my respond. Do you have any questions? Is there anything else I can help you with today?