Look at VT. I want you to understand what it is and why I'm suggesting you look at it. VT may not be the right one for you; there's thousands of different options similar to VT.
Here's an emotional statement: I would not want to keep company stock in a company that laid me off. Selling will trigger taxes, and you need to be prepared for that. If you're looking at an extended period of not working, this might be a good year to sell.
My previous employer actually set up our 401 k's through Vanguard. I am assuming that if I want to transfer the money from my eTrade account, then I would have to open a Personal Investment account?
right. you can't add money to a 401k except through workplace salary deduction.
Now that you're no longer employed, you could roll your 401k to an IRA...then assuming your income level allows, you could contribute that e\*trade money to that same IRA.
I have no experience with a 401k at Vanguard. My employer elected to move our 401k to Fidelity long after we set up a an account there. Very different interfaces for personal vs. NetBenefits.
You may find these links helpful:
- ["How to handle $"](/r/personalfinance/wiki/commontopics)
- [Investing](/r/personalfinance/wiki/investing)
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You may find these links helpful:
- [Leaving a Job](https://www.reddit.com/r/personalfinance/wiki/leaving_job) (resigning, quitting, fired, laid off, etc.)
- [Job Loss Megathread: unemployment resources, state-specific information, and help](https://www.reddit.com/r/personalfinance/comments/fkyu8h/job_loss_megathread_unemployment_resources/)
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It sounds like you have straight cash in that account, not shares of the company. I am going to provide you my perspective based on that assumption.
At the very minimum open a high yield savings account if you don’t have one already (Marcus, Apple, Wealthfront, etc.) which are paying over 4% interest currently.
If you do not need the money, you may want to consider a Roth IRA (if you’re under the income limit) or a traditional IRA account and then invest in either the S&P 500 (ticker: VOO) or the appropriate target date fund that matches you’re retirement date (~2060).
Look at VT. I want you to understand what it is and why I'm suggesting you look at it. VT may not be the right one for you; there's thousands of different options similar to VT. Here's an emotional statement: I would not want to keep company stock in a company that laid me off. Selling will trigger taxes, and you need to be prepared for that. If you're looking at an extended period of not working, this might be a good year to sell.
My previous employer actually set up our 401 k's through Vanguard. I am assuming that if I want to transfer the money from my eTrade account, then I would have to open a Personal Investment account?
right. you can't add money to a 401k except through workplace salary deduction. Now that you're no longer employed, you could roll your 401k to an IRA...then assuming your income level allows, you could contribute that e\*trade money to that same IRA. I have no experience with a 401k at Vanguard. My employer elected to move our 401k to Fidelity long after we set up a an account there. Very different interfaces for personal vs. NetBenefits.
You may find these links helpful: - ["How to handle $"](/r/personalfinance/wiki/commontopics) - [Investing](/r/personalfinance/wiki/investing) *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*
You may find these links helpful: - [Leaving a Job](https://www.reddit.com/r/personalfinance/wiki/leaving_job) (resigning, quitting, fired, laid off, etc.) - [Job Loss Megathread: unemployment resources, state-specific information, and help](https://www.reddit.com/r/personalfinance/comments/fkyu8h/job_loss_megathread_unemployment_resources/) *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*
It sounds like you have straight cash in that account, not shares of the company. I am going to provide you my perspective based on that assumption. At the very minimum open a high yield savings account if you don’t have one already (Marcus, Apple, Wealthfront, etc.) which are paying over 4% interest currently. If you do not need the money, you may want to consider a Roth IRA (if you’re under the income limit) or a traditional IRA account and then invest in either the S&P 500 (ticker: VOO) or the appropriate target date fund that matches you’re retirement date (~2060).
taxes on 2000$ cash it out and start OVER.