Have You Always Known What To With Your 401K When You Leave Your Job? Here's A Few Tips On What You Should Do...….. To learn more about strengthening your financial house, check out our FREE intro course here: ► Where to Follow Us Online: Instagram: & Facebook: Twitter: & Website: Our Book: Thank you for watching this video—Please Share it. I like to read comments so please leave a comment and… ► Subscribe to Our Channel Here Martin and Chelsea Matthews are authors, public speakers and Financial Literacy advocates leading a team of professionals with clients in 47 states. With over 21 years combined in the financial industry as award-winning financial professionals, they focus on helping clients build an Unbreakable Financial House. Their book “Let’s Fight About Money” helps couples communicate about money and handle conflicts. They’ve hosted the Love&Money Show on the Wooditch Network; a financial, personal development and entrepreneurship focused video show highlighting how to Make More, Save More & Give More. They live in Georgia with their son, William. #GenerationalWealth #Shorts #YoutbeShorts...(read more)
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Leaving a job can be a stressful situation, but it can also come with some financial benefits, particularly for those who have contributed to a 401K plan. Once you leave a job, you have the option to take your 401K with you, and there are a few things you can do with it. Rolling Over Your 401K: One of the most common things people do with their 401K once they leave a job is roll it over into a new employer’s 401K, if the new employer offers a 401K plan. The benefits of rolling over include having all of your retirement savings in one place, simplifying the management of your accounts. You can also take advantage of any investment opportunities and benefits that the new employer’s plan has to offer. Another option is to roll over your 401K into an Individual retirement account or IRA. This gives you more control over your investments and allows you to allocate your savings in different ways. An IRA also offers the option of choosing between traditional and Roth accounts, depending on your financial goals. Take a Withdrawal: While cashing out your 401K when leaving a job is an option, it’s not always the best choice. The major drawback of withdrawing all of your 401K savings is that you’ll be subject to penalties and taxes. The money will be taxed as ordinary income, and if you’re under the age of 59 and a half, you’ll be hit with an additional 10% tax penalty. It’s a common temptation to cash out your 401K, but it is important to consider the long-term impact of doing so before making any drastic decisions. Leave Your 401K In Your Old Plan: If you don’t want to transfer your 401K assets to a new plan or an IRA, you can leave your 401K in your old plan. Doing so allows your investments to continue growing tax-free, and you can still access your funds at your old employer’s retirement age. This option may be suitable for employees with a small amount of 401K savings, or those who have jobs lined up that don’t offer a 401K plan. No matter what your financial situation is, it's important to speak to a financial advisor before making any major decisions about your 401K when leaving your job. It’s essential to fully understand the benefits and drawbacks of each option before making the best decision for your financial future. https://inflationprotection.org/a-guide-on-managing-your-401k-after-quitting-your-job/?feed_id=101725&_unique_id=647219b6a0f3b #Inflation #Retirement #GoldIRA #Wealth #Investing #401kexplained #401kfordummies #401kinvesting #401krollover #401krolloveroptions #401kRollovertoIRA #401krollovertonewemployer #401krollovertorothira #401krollovertotraditionalira #retirementexplained #retirementplanning #retirementplanningat35 #retirementplanningat40 #retirementplanningat65 #shorts #WhatHappensToMy401KPlan #whattodowith401k #whattodowith401kafterleavingjob #whattodowith401kifileavemyjob #401k #401kexplained #401kfordummies #401kinvesting #401krollover #401krolloveroptions #401kRollovertoIRA #401krollovertonewemployer #401krollovertorothira #401krollovertotraditionalira #retirementexplained #retirementplanning #retirementplanningat35 #retirementplanningat40 #retirementplanningat65 #shorts #WhatHappensToMy401KPlan #whattodowith401k #whattodowith401kafterleavingjob #whattodowith401kifileavemyjob
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