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This video is for entertainment purposes only. I am not in any way acting as an agent or representative of the Department of Defense or United States Federal Government when presenting this information. I am not a legal or financial expert or have any authority to give legal or financial advice. While all the information in this video is believed to be accurate at the time of its recording, realize this channel and its author makes no express warranty as to the completeness or accuracy, nor can it accept responsibility for errors appearing in this video.
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Thanks for watching everyone! If you found this video informative, then consider giving this video a LIKE and subscribe if you haven't already! I really appreciate it!
Good content, thanks.
This is why I am subscribed to you! Short, to the point, and packed with helpful information. I just got a new job and currently researching what to do with my 401k. Cheers jake 🙂
Jake,
On this issue, I think it should be rolled over but I think the asset transfer approach with the same company that issues the 401K is the proper way to go. The reason is I think it's best for the average investor to track just how much the investment grows over time. When you turn it to liquid cash and then re-invest it all, that's where people notice their money is in the red several years later and freak out.
If a company goes bankrupt, can someone explain why that would affect an old employees 401k account? Is that not a completely separate account held outside of the bankrupting company?
Hi jake, I have an ira with fidelity called fffdx but 2 months ago I pulled money to on hold position because was worried with the market, now I want to get back in but am still worry , can you advise
If you are sued, having you money in the company retirement account, is that money protected from law suits?
I used "Chase" to handle my roll over and it's working out pretty great so far.
Soo much appreciated!! I'm late but your Awesome! Really appreciate your insight
If you have an active 401k in the company you still work with, can you move any of that money into a regular IRA?
Very Helpful! Thanks
The 1 downvote came from someone who cashed out their 401k and now feels silly.
I may be wrong but I heard you can rollover old 401k into HSA. Do you know?
You don't generally need to contact your old employers HR in order to access 401k money. A 401k is your money and would be held in your account. You'd call Schwab or Fidelity or Vanguard… Whomever actually manages your account. I did a 401k rollover and didn't call my old employer at all.
I wouldn't recommend rollover to IRA, it should go to current employer 401K. You can't do backdoor Roth conversion if you have an individual IRA.
Thank you. Very helpful. Quick question regarding my parents: do you have any advice for developing/re-aligning a 401k investment portfolio for someone retired and in their mid-60s but not needing to draw from it yet. (i.e. living on pension and social security). I’m having trouble finding guidance for that scenario where you still want to take advantage of annual growth – but not be too risky because you MIGHT need that money in 5-10-15 years…
I actually rolled an old 401(k) into my current employer’s 401(k) last year.
Still, I keep wondering if I want to keep it all in a 401(k) plan longterm, or perhaps roll some of it in a Roth IRA…
Thank you!!!
Hey Jake, good video! You always seem to recommend an S&P 500 index or mutual fund. Me being a Schwab client, if I had to pick one, which one would you recommend, the ETF, the mutual fund, or definitely pick both?
Alerus is terrible!!!
Please show us how to do a backdoor roll over from 401k to Roth IRA
Thank you for the info!
Hi Jake, have you made a video regarding general fees that institutions like Vanguard, Charles Schwab, Fidelity, and TSP have?
Excellent! You've made things so clear to me
Ok after you roll over the old 401k to schwab. Can you invested in index funds?
Very informative content! Keep up the good work!
You need to put more ads so your video can be suggested more !
I found you today, you're so genuine and transparent and love your speed!
Choosing to rollover to an IRA has subtle and complex consequences that most are not aware of. In addition to interfering with backdoor ROTH as others have already mentioned, rolling over to an IRA can have asset protection consequences. 401k assets are generally well protected from creditors, due to ERISA legislation (note: if using solo 401k to allow backdoor ROTH, solo 401ks are not protected by ERISA). IRAS have more limited asset protection, and laws differ by state. Federal law protects a limited amount of IRAs in bankruptcy (see BAPCPA), but they do not have the same level of protection in other scenarios where creditors may come after you. Asset protection is an often overlooked area of investment strategy, one which warrants significant attention to detail. If done well, you can be nearly immune to frivolous claims. If you are not comfortable or willing to do the research to understand this, consult a professional or at least acknowledge the risk you are taking.
9:44 Maybe I missed something, but your company doesn't contribute to your Roth 401k. The portion they contribute is to a traditional 401k account . I just rolled my 401k out of an old employer and will be receiving 2 checks, 1 for Roth, 1 for traditional.
Please make the Roth ira back door conversion video trying to decide if I should move my former employer traditional 401k into Ira or Roth IRA, thanks!
Traditional IRA will screw backdoor Roth IRA due to prorata rules. For high earners on FIRE path, only traditional 401K make sense so they should not convert.
One drawback to be aware of with rolling an old 401K to a rollover IRA is that it effectively blocks the path to a 'backdoor' IRA for people with incomes too high to contribute directly.
Thanks for including the caveat about Net Unrealized Appreciation.
Great video Jake! Just a warning… If you do your own taxes (i.e. TurboTax) I can personally attest that the "backdoor" Roth contribution is a P.I.T.A! Every… single… year… I have done this, TurboTax has screwed it up and I had to make manual corrections (they showed this money on my return as if it were not already taxed). Last year, I had to pay state tax (I moved) and even with the manual corrections to Federal, TurboTax messed up my State return. Thank goodness the state was honest and flagged the overpayment.
That was a really informative video. Thanks a bunch. I have an old roth 403b sitting at my old employer. But my understanding is that it cannot roll over into a roth 401k at my current employer.
Everytime I think I understand something your videos always include something I didn't know, or missed before. So yes please, on the Backdoor Roth!
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