Did you recently find a 401K from your old employer? Should you roll it over to your IRA or your current 401K? Let’s go over some strategies.
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⏰ Table of Contents ⏰
0:00 401K Rollover
3:23 401K to Roth Conversion
5:05 Thrift Savings Plan Combat Zone
8:15 What to consider for 401K Rollover
#FIREPsyChat #FinancialIndependence #Rollover
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There comes a time in everyone’s life when they may leave a job and find themselves wondering what to do with their old 401(k) account. This can be a confusing and overwhelming process, but there are several easy rollover strategies that can help make the transition smoother.
One of the first options to consider is rolling over your old 401(k) into your new employer’s retirement plan. This can be a simple and convenient option, as it allows you to consolidate your retirement accounts into one place. However, it’s important to carefully review the investment options and fees associated with the new plan to ensure it aligns with your financial goals.
Another option is to roll over your old 401(k) into an individual retirement account (IRA). This gives you more control over your investments and allows you to choose from a wider range of investment options. Additionally, IRAs often have lower fees than employer-sponsored retirement plans, which can help maximize your retirement savings.
If you’re looking for a hands-off approach, you can also consider leaving your old 401(k) where it is. While this may not always be the most ideal option, especially if you have multiple retirement accounts scattered across different employers, it can be a convenient choice for some individuals.
Regardless of which rollover strategy you choose, it’s important to pay attention to any fees and potential tax implications associated with transferring your old 401(k). Additionally, consider seeking advice from a financial advisor to help you make the best decision for your unique financial situation.
In conclusion, there are several easy rollover strategies to consider when deciding what to do with your old 401(k). Whether you choose to roll over your funds into a new employer’s plan, an IRA, or leave it where it is, it’s important to carefully evaluate the options and choose the strategy that aligns best with your financial goals. With the right approach, you can ensure that your retirement savings continue to grow and support you in the years to come.
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Is it smarter for me to roll my 300k from my prior 401k into the VA or should I go with something like Fidelity or Vanguard? If I do put it in the VA…I realize it would be separate from my new Tsp Roth that I just started last year. I’m 45 years old. Quite a few more years to work.
Can I rollover a 401k from the private sector to a federal TSP?
Could you do a video comparing withdrawal guidelines for various retirement accounts, including mandatory withdrawal age and amount. Thanks!
I like this guy, clear and concise, THANK YOU for addressing Military/Federal Programs, no one Ive researched has done it. Also, one point to make – it is more beneficial to rollover the work plan to an IRA due to the HIGH fees the institution charges in the work programs. Case in point, I just looked at my wife's yesterday and she gained $16 of Dividends in a month and was charged $14 for fees in same month, so total returns were lower compared to if the funds were in an IRA, obviously it depends on brokerage and type of fund but hers was Vanguard Total Stock Market and 2 others, had low expense ratios … Thanks
Where to check whether I have any old 401k?
Thanks for the advice!