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信息: <blockquote data-quote="johnny" data-source="post: 13573" data-attributes="member: 1">Your previous employer basically cashed out your 401K and dumped it in a savings account so you could do something else with it. A money market account at a regular bank is just an <a href="//www.investopedia.com/terms/m/moneymarketaccount.asp#:~:text=A%20money%20market%20account%20is,a%20money%20market%20mutual%20fund.&text=Most%20money%20market%20accounts%20pay,checkwriting%20and%20debit%20card%20privileges.">interest-bearing savings account</a>.Someone else here can answer better than me, but I'd be curious what the tax implications of that were: 401K money was pre-tax, but now it's cash. Did you pay tax on it as income later? If yes, it's yours free and clear, and you can dump all of it in a Roth IRA for 2019 (if you manage to do that today), or 2020. If no, maybe roll it into a traditional IRA? (Again, someone else knows better than me.)Whatever you do, don't leave it where it is for retirement. It's barely even generating interest. Like others said, open a Vanguard/Schwab/Fidelity brokerage account and Roth IRA, both for that money, and future money. You can contribute $6K a year. I'd pick a target date retirement fund (easy), or read up about balancing your investments manually.You don't want to do your retirement investments through a local bank. Maybe you can, but there are better options. I would say set up a brokerage account at one of the three mentioned above, contribute to a Roth IRA for the next six months, and then get into your company 401K. If you have more than $6K for 2020 for an IRA, either save it for 2021 or put that much more into your 401K when you can.Unless it's your emergency fund, get that $5K out of that bank. They're loaning it out and making money with it, and paying you just 0.15% in exchange.If any of that sounded confusing, it's really not. I have a Roth IRA with Vanguard, and it was easy to set up, and their customer service phone people are pretty good if you have any problems or questions. Or post on here, lots of people can help you out.</blockquote>

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