What Do I Do With the 401(k) From My Old Job?
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What if your job don't do rollovers ? WHAT OPTIONS DO U HAVE
OMG, can you BE more condescending?
Roll it over. Invest in diversified stock on your 401k. NOT RISKY HIGH YIELD.
Scolding. ?
I had a 401k from a previous employer and I did a rollover. I had the check sent to me. But I had 60 days to send it to my current employer retirement management company ( TRowePrice ). It was actually really terrifying. Because it was a check of over $215,000 and I was afraid of the IRS. So I overnighted express the check to TrowePrice.
There is one question that I have never been able to get the answer to regarding 401k to IRA roll overs. Are 401k roll overs to IRA “in-kind”? The funds in my 401k are not available on the open market….so if I do a roll over, this would mean I would lose my cost basis as I roll into a new fund. If I can’t roll the funds in-kind then it just doesn’t make a ton of sense.
This woman thought she would get unbiased advice. Instead, Dave wasted no time in doing a sales pitch to his "smartvestor pros". It's a simple question with a simple answer. All she needs to do is either keep the $ in the 401k or roll it over to a Trad. IRA with a low cost company like Vanguard.
I wish he would of discussed the rule of 55. As most people don’t realize they can access funds in a 401k if they quit or get fired WITHOUT a penalty. This woman was 58 and would have the ability to access funds prior to 59 1/2.
I think Dave might have missed something here. I left a company and the representative of the 401K mailed me a check, full amount, in my name. I went to the bank and opened an IRA and deposited the check. At tax time, my CPA filed a form showing the roll over so I wouldn't be taxed 20%. It worked.
How long is the process to roll over anyone know? I’m going to leave a job after 6 y and I am looking for a job rn to replace it but I also don’t know what to do with the 401k 🙁
She's only got $85K after 30 years? Is it not matched? cause I worked at my last job for 2 years and got matched at 3.5% and had $11,000+ by the time I left….but if her 401K wasn't matched it was REALLY a 401K it was a glorified savings account.
It's a little upsetting Dave turned this woman directly to Mutual Funds and made no mention of these other low fee/low risk/reliable investments called Index Funds. Just straight to high risk/high cost/high reward investing? Most people (this woman included) aren't that good and managing their investments.
30 years and $85k? Wow…I've only invested for 10 years and have about $250k and fell I'm so far behind..
Why did I think she was going to have millions???
i always roll into my IRA, far better investment options. If i want to retire early on the rule of 55 my current employers 401k will suffice to buy me the 4.5 years until the IRA can be drawn on.
Can you get back to millionaire theme hours?
A sweet lady
My company is canceling their 401k plan and my salary is higher then the IRA income limit. What do I do?
It's so depressing, 85k in her 401k after 30yrs working,
To only have 85k in her 401k after 30yrs is scary!
~Roll it to a Roth IRA~ Pay the taxes, you'll do great
She does not have to take the money out. If the old company has good funds with low fees, she should leave it. The next option is to open an IRA at a brokerage company like TD Ameritrade, Vanguard, etc. There are many good companies out there. Divide the money into 3-5 index funds like SPY, QQQ, etc. Do that and she will be fine.
30 years and only has $85 k and I’m worried about $250 and I’ve been at my job 25 years. This lady better start cracking down on saving more or she’s going to be in serious trouble come retirement
Just put it into a personal IRA, rollover you just dont touch it or have them send you a check. Then open an IRA at Fidelity, Vanguard, ETrade or wherever.
You dont need an investment guru. Invest that money in a S%P 500 ETF a Mid or Small cap ETF and call it a day
If you like the funds and the fees are low keep it there.
@4:17 "Does that all make sense in general?"
Caller after being overwhelmed: "yes sir it does"
Wow…How much commission does a SmartvesterPro ding this caller in commision? "The heart of a teacher" is a beautiful touch.
Look at the Rule of 55. I would rollover it into the next employers 401k.
80k?ive only har a 401k for 5 years and there's 50k in so far
I rolled my old 401k into my new 401k, that way I could keep my traditional ira empty for back door Roth every year ..
As long as you're not doing a backdoor Roth IRA, it's best to rollover from a 401(k) to an IRA to get a much larger selection of mutual funds. If you are doing a backdoor Roth, then you need to keep the money in the 401(k).
The 1 2 minutes were an information.
Because of that, that made the call sound scripted.
Just keep it in there. They cannot force you to withdraw.
Or roll it over to your new 401k. So this way you pay no taxes, when you do retire.
If you like the investments in your current 401k you can leave it. Consider expense ratio. Example: Vanguard Institutional shares, which a lot of 401k's use, is better than Admiral shares.
You may not need to move it from the company who is currently managing the 401k. You will probably need to pay the Admin fees (if company paid in past).
You may also want to check out self-directed or QRP IRAs and use them to invest in real estate for higher returns.
take all that money and invest it into the newest trend. bitcoin is a good 1
Roll your 401K to your new job or roll it to an IRA in your name. Don't cash it out unless you are past the retirement age. Don't pay that 10% penalty!
Sell it and buy a vehicle
Underwhelming video. Just let Dave investment partners manage your funds for a percentage….. Lol please don't