Hi Everyone!
I am extremely new to the MMM community. I apologize if this question has been asked a lot. My husband has an old 401k that is losing money rapidly. It's got about 5k in it currently. He is 30 and is obviously very behind in retirement savings. His current job offers no benefits other than one week vacation and he currently makes 45k before taxes, while I am a SAHM with young children.
My question is, what do we do with this old 401k? We don't make much money, so I am afraid of the tax issues associated with converting it. We get back EIC and other credits, and I am sure those would be wiped out if this was filed as income. With that said, his income has generally always increased. This is probably the least amount of money we will make currently. Also, what is the best way to build retirement savings if we both don't have the option of a 401k?
I have heard good things about Vanguard. Any suggestions on converting it to an account there? What do we invest the money in? We are both fairly clueless when it comes to investing so I hope to learn more from this site.
Thanks!