recently terminated need to move money to safe plan

[Guest mdwsgrc]

in desperate need for advice as to where to move our 401k. Our company policy will not allow us to withdraw for 30 days and bills are stacking. in meantime, we can change our investment options. What is the safest move and allow us to use if needed in 20 days?? With market unsure we are trying to hang on to what we have and are willing to sacrifice gains until employment resumes (hopefully).....please asap advice. Thank you to all willing!!!!

[Lou S.]

You should talk to a qualified financial guy or attorney. Especially if bankruptcy is a possiblity. Generally reirement plan assets can't be touched by creditors in bankruptcy so using it to pay creditors if you are going to through bankrputcy might not be the best idea, especially since you'll also owe taxes on the distributution.

If you are looking for the "least risky" investment for short-term you should talk to your plan's investment advisor.

[ESOP Guy]

I agree with Lous before you take the money and pay your bills get good advise. But if you look at the distribution forms most allow you to waive the 30 days. The 30 days was suppose to protect you not delay you.