Comments on: would the current problems with merryl lynch affect my 401k? http://www.secretfinance.com/blog/would-the-current-problems-with-merryl-lynch-affect-my-401k/ Mon, 21 May 2012 16:16:04 +0000 http://wordpress.org/?v=2.7 hourly 1 By: digdowndeepnseattle http://www.secretfinance.com/blog/would-the-current-problems-with-merryl-lynch-affect-my-401k/comment-page-1/#comment-2731 digdowndeepnseattle Mon, 30 Aug 2010 15:07:25 +0000 http://www.secretfinance.com/blog/would-the-current-problems-with-merryl-lynch-affect-my-401k/#comment-2731 It will have absolutely no impact on your 401k. It will cost a few people at ML their jobs and reduce bonuses for people but that's about it. The money in your 401k account was not invested in these assets so the valuation of your account will remain unchanged.<a href="http://www.myislandholiday.com/blog/"> digdowndeepnseattle</a> It will have absolutely no impact on your 401k. It will cost a few people at ML their jobs and reduce bonuses for people but that’s about it. The money in your 401k account was not invested in these assets so the valuation of your account will remain unchanged. digdowndeepnseattle

]]> By: Rush is a band http://www.secretfinance.com/blog/would-the-current-problems-with-merryl-lynch-affect-my-401k/comment-page-1/#comment-2730 Rush is a band Sun, 29 Aug 2010 17:48:52 +0000 http://www.secretfinance.com/blog/would-the-current-problems-with-merryl-lynch-affect-my-401k/#comment-2730 No, the issues were with the securitization of sub-prime mortgages, not the brokerage side of the business. Merrill Lynch will be just fine. A little bruised from the $8B write down this Q and the ~$5B coming in 4Q07. No need to move the 401k, it's your money, not theirs... good luck!<a href="http://www.ihearclear.com/audiology.htm"> Rush is a band</a> No, the issues were with the securitization of sub-prime mortgages, not the brokerage side of the business. Merrill Lynch will be just fine. A little bruised from the $8B write down this Q and the ~$5B coming in 4Q07.

No need to move the 401k, it’s your money, not theirs…

good luck! Rush is a band

]]> By: The Professor http://www.secretfinance.com/blog/would-the-current-problems-with-merryl-lynch-affect-my-401k/comment-page-1/#comment-2729 The Professor Thu, 26 Aug 2010 07:11:55 +0000 http://www.secretfinance.com/blog/would-the-current-problems-with-merryl-lynch-affect-my-401k/#comment-2729 Whatever you do, don't cash out! That is the worst possible thing you can do. Your assets at ML are probably safe, but if you are really worried.... If you are still working for the employer which has the 401K at ML, there really isn't anything you can do. You employer determines who manages the 401K plan. However, I suspect you are asking the question because you have an account at ML from a former employer. In that case, set up a rollover IRA account at Vanguard or Fidelity Investments. You can then rollover the proceeds of your 401K account to the rollover IRA. This is not a taxable transaction so there will be no taxes or penalties. However, make sure ML transfers the money directly to your new account.<a href="http://www.pdabuyingguide.com/pda-accessory-kits-9132"> The Professor</a> Whatever you do, don’t cash out! That is the worst possible thing you can do. Your assets at ML are probably safe, but if you are really worried….

If you are still working for the employer which has the 401K at ML, there really isn’t anything you can do. You employer determines who manages the 401K plan. However, I suspect you are asking the question because you have an account at ML from a former employer.

In that case, set up a rollover IRA account at Vanguard or Fidelity Investments. You can then rollover the proceeds of your 401K account to the rollover IRA. This is not a taxable transaction so there will be no taxes or penalties. However, make sure ML transfers the money directly to your new account. The Professor

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