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tharesabeveragehere t1_jea6jhf wrote

Sorry you're in the situation, but looks like the company has been fair enough.

The credit cards first and quickly, yes. Cringed when I read "and a bit of credit card debt around $15k (average interest rate around 20%)." You're currently paying ~$250/mo on credit card interest alone...gotta clear that ouchy.

After that, I'd hold in a money market account until new employment is paying me, then I'd pay off the personal loans...10% is still pretty high.

And then re-assess and ask the question again.

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LastoftheGreatOnes OP t1_jea72lc wrote

Any input into what to do with 401k? Transfer to a personal IRA?

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Spudmiester t1_jea7il4 wrote

You could wait until you have a new job and roll it into the new 401k or roll into a personal IRA. It won’t make a huge difference either way

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gsasquatch t1_jeabq0r wrote

You don't have to do anything with it, if it is in a good place in good funds, you can let it ride. If you get a new 401k with the next job, you can roll it into that new one. Main reason to transfer it is to make it easier for you to keep track of, or if you have some preference for a particular brokerage house.

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Arkonial t1_jeaaery wrote

Do you know, or do you think you'll ever make a back-door Roth IRA contribution? If so, I'd wait for the new job, and roll it into the 401k there.

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08b t1_jeahnw8 wrote

Unless the fees are high or fund options terrible leave it as is for now. Rolling into your next 401k may be better, especially if you ever need to make backdoor Roth contributions.

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Bad_DNA t1_jea7kt6 wrote

Yep. Vanguard or Fidelity are two great places to consider. You will likely have to wait 30 days before you can do it after leaving your job. If you get another job with a 401k, you can consider rolling the prior one into the new one. You can also leave the 401k where it is, but you should expect the trustee to fee you for the account periodically.

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