Lots of people are leaving the workforce or changing jobs, a phenomenon called the Great Resignation. With the Great Resignation there is the great decision – what do you do with your 401(k) at your old job? What are your options and what is the wise decision to make with these dollars? We’ll help you answer that on this episode of Wise Money.
Season 7 Episode 20
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Kevin Korhorn, CFP® offers securities through Silver Oak Securities, Inc., Member FINRA/SIPC. Kevin offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. KFG Wealth Management, LLC dba Korhorn Financial Group and Silver Oak Securities, Inc. are not affiliated. Mike Bernard, CFP® and Joshua Gregory, CFP® offer advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.
Intro: (0:00)
Segment 1: (0:11)
Break 1: (9:27)
Segment 2: (12:56)
Break 2: (22:13)
Segment 3: (24:24)
Break 3: (33:42)
Segment 4 (35:33)
Outro: (48:33)…(read more)
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If we roll over our traditional 401s to an IRA, is it a good idea to make our living trust as beneficiary? We don’t have kids and want to divide any leftovers to our siblings on both sides of the family.
I realized 2.5 years in being employed that I was only contributing 5% into a generic target date retirement fund. It was also defaulted to a traditional 401K. I made sure to transfer those funds into my Roth 401K and began contributing 15% into FXAIX within my Roth 401K.
The rule of 55 was, I thought, actually valid any time in the year you turn 55, not "after you turn 55?" A December birthday means one could barely be 54 when this is invoked.
Also, if you roll over your 401k money into IRA when switching jobs, would this not affect one’s eligibility for back door roth IRA contributions with the pro rata rule?
In response to your discussion on what to do with 401k when switching jobs at 40:00 . Can’t the person with roth 401k money that required RMD roll the money into roth IRA to avoid RMD?
Transfer it to a low cost brokerage! Say vanguard, fidelity or Schab.