I plan on retiring in the near future and I'm wondering what some of you who have more money than me do with your 401K. Do you cash it in or roll it over? My 401K has a lot of money in it (to me) but it's probably a drop in the bucket to most of you. My only income during retirement will be my Social Security, which is less than half of what I make in my job. I have some savings, which when supplemented with SS, could help keep me afloat for awhile, but who knows how long.
In the interest of full disclosure, I have never owned my own home, probably because I'm a stubborn SOB and could never see myself owing anyone anything. If I cashed in my 401K, I could probably buy a home with some left over, which would cut down on my monthly expenses (rent) and allow me to live on the Social Security with savings to supplement that. If I rolled over my 401k into some income producing instrument, it probably wouldn't generate enough annual income to make a huge difference. (I'd estimate maybe $4,500 annually and that's generous, which would still leave me well short of what I currently make).
Given all those circumstances, what would you do?
In the interest of full disclosure, I have never owned my own home, probably because I'm a stubborn SOB and could never see myself owing anyone anything. If I cashed in my 401K, I could probably buy a home with some left over, which would cut down on my monthly expenses (rent) and allow me to live on the Social Security with savings to supplement that. If I rolled over my 401k into some income producing instrument, it probably wouldn't generate enough annual income to make a huge difference. (I'd estimate maybe $4,500 annually and that's generous, which would still leave me well short of what I currently make).
Given all those circumstances, what would you do?
