Check with the stock broker (E-Trade, fidelity, etc) and see if they would allow you to buy yuan inside your rollover IRA.
There is no way to withdraw funds from a 401(k) account without incurring penalty and taxes. The point is that you want to withdraw them from the deferred retirement vehicle - that makes the action subject to penalty and tax. What you can do is roll the funds over directly into an IRA.
I suggest you do any currency "investing" outside of retirement accounts.
So you want to withdraw money from a 401k?? Pay federal taxes, state taxes, and an early withdrawal penalty, so you can speculate in currency??
LOL - this seems like an amazingly bad idea.
Open a rollover IRA, with Vanguard, Fidelity and/or TR Price, and buy yourself a good target date retirement fund. One that corresponds to your retirement date. Make sure you tell them this is for a rollover IRA, otherwise you will pay taxes & the penalty I mentioned.
If you have "only" $10,000 after six years of contributions to your 401K, after 6 years of the most profitable stock market in 30 years - then you should seriously stop whatever it is that you are doing.
Since you don't really know what you are doing, this is your signal to not do anything. You will get the most benefit from rolling over your 401k to an IRA at whatever place you want. But keep it in cash until you learn whatever investment method interests you.
good luck to you
I recently departed from my employer of six years, notice given and no bridges burned. The facility I worked for had a 401k investment company called VALIC.
What I want to do is tricky in nature, at least I believe because I am far from an expert about the subject. I would like to remove my funds, roughly 10K, and transfer these funds into a bank in NY. The bank I chose offers opportunity to turn deposited funds into another currency, specifically the yaun (chinese dollar).
First, is there a way to remove the funds and invest them directly into this bank without significant penalty fees?
Second, do banks offer opportunities to turn 401 funds into a direct investment into the bank or would it be just a creation of a savings account?
This is a confusing subject for me and I am a novice. I would appreciate any input that is offered.
Thanks in advance...
