Are you leaving your job and are wondering what to do with your 401K/retirement plan? Well in this video I break down 4 options for you to do with your 401K! 💰LOOKING TO ROLLOVER YOUR 401k INTO AN IRA? CHECK OUT CAPITALIZE!💰 🌟 🎬 WATCH THESE VIDEOS NEXT! 🎬 🌟 Mutual Funds - 🌟 Mutual Funds vs Index Funds vs ETFs - 📕 BOOKS AND GEAR I RECOMMEND 📕 🌟This is my favorite Personal Finance book: 🌟Listen to this book for FREE when you sign up for a free trial of Audible: 📲 FOLLOW ME! 📲 ⭐️Facebook: ⭐️Instagram: ⭐️Tiktok: ⏰ TIME STAMPS ⏰ 00:00 – Intro 00:42 – 401K Balances and Options 01:31 – Option #1: Rollover Your 401K to Your New Employer's 401K 02:24 – Option #2: Rollover Your 401K to an Individual retirement account (IRA) 03:16 – Option #3: Cash Out Your 401K (Not Recommended) 04:09 – Option #4: Leaving Your 401K Funds With Your Old Employer 05:28 – Outro 🎵 MUSIC USED IN THIS VIDEO 🎵 Song: Ship Wrek & Zookeepers - Ark [NCS Release] Music provided by NoCopyrightSounds Free Download/Stream: Watch: #InfluentialFinance #CarlosAguilo #401K #RetirementPlanning #RetirementPlan #IRA #PersonalFinance #PersonalFinance101 About this video: In this video, Carlos Aguilo breaks down four different options that you can take when you are changing jobs and are wondering what to do with your 401K. Many people assume they can leave their 401K as is, but that’s not always the case. Sometimes, depending on your 401K balance, your old employer can even force you to cash out your 401K, incurring a tax liability for you and possibly causing you to lose money. Before this happens to you, know what to do with your 401K after leaving a job. 👨🏽⚖️ DISCLAIMERS AND DISCLOSURES 👨🏽⚖️ This video, and the ideas presented in it, are for educational purposes only and should not be construed as financial or legal advice. Influential Finance is a participant in the Amazon Services LLC Associates Program. This means that if you click on the Amazon links included in this description, I may earn a commission from your purchase.Z...(read more)
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After leaving your job, you may be wondering what to do with your 401K. While you have several options, it's important to choose the one that best suits your financial goals and needs. One of the most popular options is rolling over your 401K into a new retirement account. A rollover allows you to transfer your 401K balance to a new account, such as an IRA or a new employer's 401K plan. One of the main benefits of a rollover is that you can avoid taxes and penalties. If you withdrew your 401K balance, you would have to pay taxes and possibly a 10% early withdrawal penalty if you're under age 59 ½. To roll over your 401K, you'll need to choose a new retirement account and initiate the transfer process. You can contact the financial institution where you want to open a new account and ask them to help you with the rollover. They can provide you with the necessary forms and instructions to complete the transfer. Another option is leaving your 401K with your former employer. This option may be beneficial if you have a low-cost plan with good investment options. However, keep in mind that you won't be able to contribute to your old 401K plan or take out a loan from it. If you decide to leave your 401K with your former employer, make sure you keep your contact information up to date. If your employer changes plan administrators or merges with another company, you'll want to make sure you receive all the necessary information about your account. You can also withdraw your 401K balance and use the money for other purposes. However, this option should be a last resort since it comes with taxes and penalties. Plus, withdrawing your retirement savings can set you back in your long-term financial goals. Another benefit of rolling over your 401K is that it gives you more control over your retirement savings. You can choose the new retirement account that aligns with your investment preferences and goals. Plus, you can consolidate multiple retirement accounts into one, making it easier to manage your finances. In conclusion, when it comes to your 401K after leaving your job, there are several options available to you. Rolling over your 401K is a popular choice that can help you avoid taxes and penalties while giving you more control over your retirement savings. Make sure you consider your options carefully and choose the one that best suits your financial needs and goals. https://inflationprotection.org/possible-rewriteexploring-your-401k-rollover-options-when-you-depart-from-your-employer/?feed_id=82832&_unique_id=6425845b9cd8b #Inflation #Retirement #GoldIRA #Wealth #Investing #401k #401kexplained #401kfordummies #401kinvesting #401krollover #401krolloverexplained #401krolloveroptions #401kRollovertoIRA #401krollovertonewemployer #401krollovertorothira #401krollovertotraditionalira #401kvsira #401kvsrothira #rollover401k #rollover401ktoira #rollover401ktorothira #RothIRA #WhatHappensToMy401KPlan #whattodowith401k #whattodowith401kifileavemyjob #WhatToDoWithYour401KAfterLeavingYourJob #401k #401k #401kexplained #401kfordummies #401kinvesting #401krollover #401krolloverexplained #401krolloveroptions #401kRollovertoIRA #401krollovertonewemployer #401krollovertorothira #401krollovertotraditionalira #401kvsira #401kvsrothira #rollover401k #rollover401ktoira #rollover401ktorothira #RothIRA #WhatHappensToMy401KPlan #whattodowith401k #whattodowith401kifileavemyjob #WhatToDoWithYour401KAfterLeavingYourJob
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