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My company was recently "sold" for lack of a better term to another. I just got a notice about what to do with my 401k - it's only about $3500. (Yes, I'm bulking up the new one.)
I can either roll that into an IRA with my old company or take it in a lump sum distribution. Any input? It looks like I'd take a 20% and 10% deduction for the distribution. I was thinking about doing that and paying off a credit card, which would be a huge help to us. $3500 isn't that much in the grand scheme of things for retirement (I'm only 29), and I can increase my contributions with my new company.
I will probably talk to a CPA friend as well, but I always appreciate this board's input.
kris216:Paying a withdrawal penalty is never a good idea. Roll it into an IRA and cut your spending to help pay off the CC debt. If the CC is only a couple thousand, it shouldn't take long.
This.
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