Stock Markets Exposed

HOW DO I TAKE MONEY FROM MY 401 TO INVEST IN GE STOCK DUMMY IN WV?

Public Comments

1. The penalty you will have to pay to draw money from your 401k would almost certainly not be worth it, especially since you want to invest in a company that is discussing bankruptcy. I, personally, have GE stocks and dont intend to sell unless I see them start to nosedive.....bankruptcy doesnt always mean stocks will plummet. But, again, I'm just not sure it's going to make you enough money to recuperate the loss of withdrawing your money out of your 401k too early. If you have a pension, maybe consider taking that money. You'll still pay an early withdrawal fee but at least if your stocks dont pan out, you'll still have your retirement money intact. And shop around....there are better stocks than GE.
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3. If your company allows this option you could move your money in to a self directed IRA somewhere that you can have a brokerage account and then buy stocks with it. I am not sure if companies must allow that or not, mine did. Since the money stays in a retirement account there is no "withdrawal" just a transfer, so no taxes or penalties on doing that. But my company's 401(k) provider charged $40 a year fee to allow moving money to the other account. But you might do as well if you pick a large cap fund within the options your company now offers and that would likely contain a lot of GE. And it would give you more diversification. Good Luck