You've been saving money for your entire career so you can enjoy your golden years. Not sure what happens to your 401(k) when you retire? Financial expert Joe Anderson and Alan Clopine break down the options as well as the pros and cons of the various options. The duo also explains how to avoid penalties that could take a significant amount of money out of your retirement savings. They also discuss what happens to your 401(k) once you pass away and what the options are for your loved ones. Important Points: (1:00) - 401(k) Participants and Plans (3:20) - The Basics of 401(k) (4:10) - 401(k) Matches (5:46) - Roth Option (7:38) - True or False? There are penalties if I roll my 401(k) to a Roth IRA before I'm age 59 1/2. (10:45) - Countdown to Retirement (11:59) - What happens to your 401(k) upon retirement? (12:25) - Pros & Cons of Leaving your 401(k) with your Employer upon Retirement (14:00) - Pros & Cons of Rolling your 401(k) to an IRA upon Retire
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)