• Question
  • Retirement sitting idly

    Asked by someone from Americus, GA on 2/10/2020

    I worked for the GA Dept of Labor for 13 years and 8 mos. and I don't recall contributing to the 401K, however I became what is called "vested" with their regular retirement(ERS). Mine is only worth about $5700 and the tax was already paid.It is just sitting there until I turn 60 and no longer collecting interest. Is there something I can do to make this account grow and work for me? If I leave it there, I won't get much when I am 60.

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Answers

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  • You should contact the plan provider to ensure that rollovers are allowed. If so, you can roll the account into a Roth IRA (since you mentioned tax was already paid) where you will have full control of the investments.

  • Login to rate this answer:   Answered on 3/10/2020
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.