Explanation of the pros and cons of rolling over a 401(k) to an IRA.
Links in this video:
retirement planning Insights –
Taxes in Retirement –
#IRARollover #401kRollover #Rollover
DISCLAIMER: This video is only helpful hints and education. It is not specific tax, legal or investment advice. Before considering acting on anything you see in this video, first consult with your tax, legal or investment advisor. While the information expressed in this video is believed to be accurate, neither Andy Panko, CFP®, RICP®, EA nor Tenon Financial LLC make any guarantees to its accuracy….(read more)
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The bass in the intro music lol
A lot more talking about 401 K so much !!! On youtube.I would like some information about 403 B PLEASE !!!!
Thank you for a simple straight forward explanation. I’m in the process of rolling over from 401k to IRA
Does the timing matter? The market is currently down and i have been losing money. I wonder if i should wait till the market goes up?
Excellent video.
Thank you, Andy, for another great video!
I’m 59 1/2 and my employer does not allow me to take monthly distributions and work part time. If I quit my job and roll over my 401k to an IRA and start getting monthly withdraws and go back to work with my former employer are there any consequences? Thank you
50 / 50 hmmmm.
Fact is, though the 401k, IRA, name it are one of the safest retirement plans, they are not particularly good options. Better strategy; Live below your means, Invest 20-30% of your income into the stock market but of course, be well informed about where you want to put your money… I made my first million earlier this year from stocks alone with about 550k after I dissolved my 401k and added little cash (through the help of a pro though). Greatest decision I ever made.
Not sure about other states, but Maryland allows preferential tax treatment on 401k distributions in some circumstances. This does not apply to IRA distributions.
Hi. Have been following and love the content. Don’t see the pro rata rule as a con, for back door roth contributions. Am I missing something?
Interesting. For me, only one of the pros (potentially) pertains to me and none of the cons. But it's still important to explore the subject. Thanks for this video.
Great video. Inmy case, it looks like there are more pros than cons to doing a rollover.
I’m planning to retire at full retirement age 66 1/2. Would like to take my 401k out to put as down payment on a house. How with this affect my taxes if I move to a no income tax state (CA to TX)? I understand that if I roll it over an IRA, I have to wait 5 years before I can take money out, is this correct?
Excellent video with clear and important information. Thanks!
If you leave it in a 401k they have to deduct 20% withholding to the IRS- even if you only only need to withhold 12%. You get it back a year later but you still need to give the government an interest free loan in doing so…..
What and how is a financial advusor cost or jet in fees
I recently left a company after 18yrs for another company. Im undecided if i should rollover my 401k into an ira or just leave it. I cannot rollover into my current company plan. Any advice?
Subscribed.
I am 58 & was layed off. If I withdraw funds tax free from 401K, can I put them in a Roth IRA without paying taxes? Is there an annual limit? I am in Cal. Great video – thx!
If you have an outstanding loan against your 401k, can I still rollover to an IRA?
I am new to online investments, I have been practicing using a demo account. I like to prepare for my future, I wanna start up a Roth IRA account. I don't know much about it or which is better. I am scared that I don't know enough to start all by myself. I am willing to try, but I need help with what to do next.
I have both a Trad 401(k) and a Roth 401(k) at a company I will leave AFTER turning age 55. Can I specify which account any withdrawals come from under the Rule of 55? Can I rollover my Roth 401(k) assets (opened 5+ years ago) into my Roth IRA that I opened and funded over 10 years ago and leave my Trad 401(K) with the previous employer? (the options are good enough I just want to control the Roth assets in one basket so I can "sip" off them and control my marginal tax rate).
I have a Mutual of America 401k and 403b. I left the company years ago. Do I need to consolidate the mutual funds into one before trustee transfer? I can do both in one year since it won't be a rollover…NO??
Thanx for any help
Returning back to previous job after being let go due to COVID. Upon return, I was asked if I would like to roll over my 401k to an IRA. Not retiring for 10 years min. Not a savy investor, just saved really well (200k). Roll it or keep it. TIA
Thank you so much for the information.
If I'm 80 ,I'm spending it. Lol
Thanks for going into some of the more subtle pros and cons.
I have 401k in the company I’m working for. I’m near 65 and plan to retire soon. Some people said if after retired and still leave money in that 401k then I won’t be able to withdraw some money out when needed unless move it to IRA. Is it right?
Thank you for the video and the time it takes to make them!
I just retired today! My 401K is managed by Fidelity, and has performed well historically. I am going to turn 54 next month, and do not see a need to touch my retirement funds for the next 10 years. Would you recommend leaving the investment in the 401K or transferring it to a ROTH IRA?
Great information Just the protection alone tells me to leave in current 401K Thanks
Husband is retiring next March he will be 64.5 his company will not let his 401k stay with them. It is a modest 401k of 165k. We know nothing about investing dose a IRA come with a advisor and do they charge a monthly fee to care for our account? We live in Texas with the 401k, social security and a modest pension…This will be our livelihood. We have lost money before in the 90’s and investing scares us to death. Thank you for any advice. Alice
Husband has an annuity they offered him a lump sum of 60k or lifetime( his family lives in their 100’s) payment of $303 a month. Is taking the $303. Monthly the best plan?
Thanks for sharing this! I'm going to roll over my 401K to IRA as the company I work for doesn't offer 401 and I would like lower account fees.