You are not my financial adviser and I am not your client. All statements will be considered opinions.
Two years ago I switched jobs. My previous job I had a profit sharing account and a 401k. Both were invested with a major financial institution. The one with the neat tower in San Francisco. They were competent so I left the accounts there when I moved. My former employer was bought out soon after I left. I recently was notified I cannot stay in the plans I am in. I have about 3 weeks to move to a different group. I can leave the money with that firm but be in a different arrangement. I have to check but I think I can roll it into my current employer retirement structure with a different investor. Or I can go with any other investment company. Those two accounts combine to around $1/3 million. About 1/3 of this money are in what are considered secure such as T-bills and bonds. The rest is in riskier growth funds. My current employers 401k fund is in one of the “pick a retirement year and we’ll take care of you” retirement funds.
I am mid 50’s looking at about 10-12 years of work yet to maintain insurance for my much younger “stay-at-home mom” wife and a child’s college plans. I have a few years before I can access the money without penalty. I understand I can transfer it between firms without penalty now if I do it properly.
This is a golden opportunity to evaluate my options. Nothing like a back against the wall time frame.
One thought I had was to abandon everything, take the money and blow it all, expecting Armageddon or a jealous husband/boyfriend to take care of my future. That has been discounted but not entirely eliminated. Other ideas?