I just learned that my employer is terminating the 401k benefit.
Funny thing is, they didn't tell me. Principal told me.
Long story short, this company has far too much overhead and they're cutting what they can to stay afloat.
Hence why we should be conservative during times of feast, for when times of famine come.

So I got about 50 days to make a decision.

What's yalls advice?

Is it better to just roll it into an IRA?
Let it sit in the 401k? (I wont be able to contribute towards it anymore)
Or cash out and deposit into my savings account (2% interest)?

This guy at my church is a rep for a Christian financial service.
I haven't been able to get in contact with him yet.

Don't cash it out. If I recall correctly, you'll pay a 10% penalty on the withdrawal then you also have to claim it as income on your taxes. So you could be looking at a 25% + hit on the funds.

I concur. It will still preform.

You can’t contribute or the employer won’t match?

Roll it into a self directed IRA and control the money yourself. If you roll it directly into the IRA you will owe no tax.

I myself wont be able to add to it anymore.

I'm not even sure if I'll be even allowed to stay on it after the deadline.
It may be gone altogether. The 401k benefit was at one time serving about 60 employees. We're down to less than 10.

If they are not shutting the whole 401k program down but not matching your contributions. I would just contribute as much as you feel comfortable.

If they are shutting the whole program down you need to roll it over into another IRA to avoid tax consequences.

If you just take the money your gonna lose almost half to tax penalties.

Okay, thanks.

Sounds like oilfield work. I feel your pain.

Leave it alone.

This..don't leave it, don't cash it out. Vanguard, Fidelity, Schwab...any of those will have great low cost fund choices and will gladly help you roll over

Roll it to a IRA rollover but keep in mind if you continue contributing to it once at rollover IRA it is considered "comingled funds" meaning funds from a 401K and funds you've self added to the IRA. Comingled funds are ineligible from being re-rolled to another 401K in future. If your intent is to never re-rolled into another employer's 401K, it's a non-issue, otherwise do not contribute more than the 401K funds rolled. I used to work with retirement plans at Fidelity Investments in the mid 90s and those were the rules and believe they may still be unless have changed.

. Bingo

Make sure it is handled correctly, or you might land up with a big tax bill.

Yep

Unemployment is extremely low....greener pastures plus this ^^^^^^^^^^^

IRA.

When I was laid off three years ago, I rolled my 401k into a self directed one with Fidelity. Best thing I ever did. Fidelity has tons of investment options and lets you do your own stock trades for $4.95 a trade. My returns during the last three years has been excellent due to where I decided to invest.

^^^^ THIS , rollover to an IRA, pick a fund and contribute every payday (automatically if possible).

Yep, my company 401k has done poorly last couple of years. 5% ain't gonna cut it, so it might be a blessing rolling it into a IRA. That way you have more control of your retirement.

This and continue to contribute to the IRA account.

Pm me if you would like some prudent advice.

I don’t think it’s been mentioned yet but you should definitely roll it over to an IRA.

What to do with it is the first part. The second part is how to most profitably invest the funds so as to maximize your return. Most people who are not very knowledgable investors, and many think they are and are not, will greatly benefit from professional investment advice. My experience has been better with advisors who charge a fee as opposed to those who work on commissions from trades. There are some good ones on this forum.