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Is it Advisable to Transfer Your Previous Employer's 401(k)? #AskTheMoneyGuy


Should You Rollover Your Old Employer's 401(k)? #AskTheMoneyGuy Subscribe today to stay up to date with our latest shows and highlight videos: Our professional focus is on financial planning and investment management, and we leverage our knowledge for your benefit. We help you focus on the things you can control and manage the things you can’t. Visit our site for more info : Are you ready to go beyond common sense when it comes to your money? Check out all the resources The Money Guy Show provides: ...(read more)



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As you move from one job to another, you might be wondering what to do with your old employer's 401(k) plan. Should you keep it where it is or roll it over to your new plan or an IRA? The answer depends on your individual circumstances and long-term financial goals. First, let's understand what a rollover is. It refers to the transfer of funds from one retirement account to another without incurring taxes or penalties. There are two types of rollovers: direct and indirect. In a direct rollover, the funds are transferred directly from one account to another. The indirect rollover involves withdrawing the money in the form of a check and depositing it into a new account within 60 days. Here are some factors to consider before deciding whether to rollover your old employer's 401(k): 1. Investment Options: One of the primary factors in your decision should be the investment options available in your old and new employer's plans. If your old plan has better investment options, such as lower fees or better returns, it may be a better idea to keep it. However, if the new plan provides more diverse investment options or lower fees, you may want to roll over your old plan. 2. Fees: Fees are an essential factor when making rollover decisions. Does the old plan have high management or administrative fees? If yes, then rolling over the plan into an IRA might help reduce the expenses. 3. Employer Match: If your old employer's plan had an employer match, you need to understand the vesting schedule. If the vesting schedule takes several years to become 100% vested, you might want to roll over the funds into an IRA to avoid forfeiting the money. 4. Required Minimum Distributions (RMDs): When you reach age 72, you're required to take RMDs from your retirement accounts. However, if you're still working in your sixties and have not yet retired, you may be exempt from RMDs. If you roll over your old 401(k) into an IRA and plan to continue working in your sixties, you could avoid RMDs temporarily. 5. Ease of Management: Having multiple 401(k) plans can be challenging to manage. It's simpler to consolidate your old 401(k)s into one IRA. In addition, an IRA allows you to have more control over investment options, leading to ease of management. In conclusion, should you rollover your old employer's 401(k)? You should consider the factors listed above, along with your personal financial goals and circumstances, before making a decision. Whether you roll it to an IRA or your new employer's plan, a rollover can be a valuable financial move in the long run. Just remember to do your research, consult a financial advisor, and make an informed decision that aligns with your financial goals. #AskTheMoneyGuy https://inflationprotection.org/is-it-advisable-to-transfer-your-previous-employers-401k-askthemoneyguy/?feed_id=102516&_unique_id=6475512bae865 #Inflation #Retirement #GoldIRA #Wealth #Investing #budget #buystock #buyinghouse #cash #compoundinterest #creditcard #debt #howtomakemoney #insurance #moneyguyshow #personalfinance #realestate #save #ShouldYouRolloverYourOldEmployers401kAskTheMoneyGuy #success #RolloverIRA #budget #buystock #buyinghouse #cash #compoundinterest #creditcard #debt #howtomakemoney #insurance #moneyguyshow #personalfinance #realestate #save #ShouldYouRolloverYourOldEmployers401kAskTheMoneyGuy #success

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