Hello viewers,
Welcome back to the new episode of Everything They Never Told You. Hope all of you have enjoyed all my previous videos. Today’s video is about getting the money out of your 401k ASAP. Should you leave your money in your 401k or move it to an IRA? Roth?
Let’s discuss it. Stay connected and watch the full video. Don’t forget to share your thoughts.
Thanks and regards
Joe Wirbick
⌚Video Duration: 13:16
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When it comes to retirement planning, one of the biggest decisions you will have to make is what to do with your 401k when you leave your job. Many people choose to leave their money in their 401k, but moving it to an IRA may be a better option for some individuals.
One of the main reasons to consider moving your money out of your 401k and into an IRA is because of the fees associated with 401k plans. These fees can eat away at your retirement savings over time, reducing the amount of money you have available to you during your retirement years. By moving your money to an IRA, you can potentially save on fees and have a wider range of investment options to choose from.
Another reason to consider moving your money to an IRA is because of the control you will have over your investments. With a 401k, you are often limited to the investment options chosen by your employer. These options may not be the best fit for your financial goals or risk tolerance. By rolling your money into an IRA, you can choose investments that align with your specific needs and preferences.
Additionally, moving your money to an IRA may make it easier to track and manage your retirement savings. When you have multiple 401k accounts from past employers, it can be a challenge to keep track of all of your investments and make informed decisions about your retirement planning. By consolidating your money into an IRA, you can streamline your investment strategy and have a clearer picture of your overall financial situation.
Of course, there are some drawbacks to moving your money out of your 401k and into an IRA. For example, if you are under the age of 59 ½, you may face penalties for early withdrawal if you move your money to an IRA. Additionally, if you have a high balance in your 401k, you may be able to access institutional pricing that offers lower fees than what is typically available in an IRA.
Ultimately, the decision to leave your money in your 401k or move it to an IRA will depend on your individual financial situation and goals. It may be beneficial to speak with a financial advisor to discuss your options and determine the best course of action for your retirement savings. Get the money out of your 401k as soon as possible to maximize your savings and ensure a secure retirement.
I watch this video periodically leading up to my target retirement date in late 2026. Great information!
Hello my question is , if my company merges with another and they offer me a buyout , what penalty am i going to pay for taking my 401k?
We experienced the peak of our era, and now it is gone. Recession is tanking everything including 401K. My retirement equities portfolio of $750K is in the reds. I keep losing because of inflation. This world will fall to the corrupt rulers in the same way that Rome did. I'm sorry if you're thinking about retiring and you're worried that your pension won't be enough to meet the rising cost of living. Horrible foreign policies everywhere, bad regulatory policy, bad fiscal policy, and bad energy policy.
Example: I retire at 50 with a 401K. I want to take cash option for my dividends (or interest from a money market), instead of reinvesting. Would I have to convert to an IRA to do this? Is this even possible or is it considered a withdrawal and subject to penalty? Would it be taxed as income or capital gains? Thanks.
the father of my child found a new job, we are currently broke broke due to putting his two weeks in a month early (got the wrong start date). behind 2 months on rent.. we desperately need this money, but are wondering how badly we'll be screwed if we cash out? we would be losing 5k out of 15, and thats just the taxes, without the fee for early cash out… should we just bite the bullet and remain broke until the money starts flowing again and play catch up, or would you if you were desperate cash it out? we need that money badly, but dont want to hurt ourselves in the long run.
Can you run the numbers for me please
Recently retired and unsure if my 401(k) and IRA will provide a stable future. i need an approach that will align with my risk tolerance and financial goals, i set aside $300k to achieve this. Do you suggest i get into stocks or buy a house?
Becoming a millionaire through a Roth IRA or a 401(k) involves different strategies for maximizing profits. A Roth IRA offers tax-free withdrawals in retirement, which can be advantageous if you expect to be in a higher tax bracket later in life. On the other hand, a 401(k) provides tax-deferred growth and potential employer contributions, boosting your savings. The optimal choice depends on factors like your current and future tax situation, employer match, and investment options. Consulting a financial advisor can help tailor a strategy that aligns with your financial goals and circumstances.
My 401k provider is advising me to roll over into one of their mutual funds, any thoughts would be appreciated
I watch several YouTube videos on how to trade in the stock market but haven't made any head start because they are either talking some gibberish or sharing their story of how they made it and I do not want to make mistakes by taking risks in my own hands
Hi, I have 401k from a job I had left, it’s not a lot money and I want to take it out. What is the best way I should take it out? Help
We have a 401K at Vanguard… do they do Roth conversions to an IRA?
Glad I stumbled to this site. You explained it where I can totally understand what you're saying. The other site I was looking at was talking all this financial jargon that was so hard to understand. Thanks for this information. Yahoo I am 61 yrs old and this is new to me. I plan to retire in 4 more years so this is good for me to consider.
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time. don't think I could retire with less than $3m in income generating investments and i'm not talking 401k, maybe $2m at the very minimum. I plan to work until I'm at least 45.
I have two 403b from previous employers and would like to roll them over to an IRA Roth. Now, am I able to have them both into one?
I'm 46. Been at my job for 16 years. I've had my 401k on and off over that time. I pretty much stopped contributing long ago. I already get enough taken out of my pay weekly, such as health insurance. I don't have much in my account, just $6700. It was worth a LOT more until the economy took a dump. But anyways I want to close the account and just take the money. I fully understand there are taxes and fees in doing so. But can you actually close out the account? I am still employed at the same job.
Great Video! Can you talk about Employee Stock Purchase, I work for Pepsi, they are offering ESP, but don’t know much about it. Thanks
you do pay income tax from converting IRA to Roth IRA
I’m 80 yrs young. Should I do that?