Stitcher for Podcasts

Get the App Open App
Bummer! You're not a
Stitcher Premium subscriber yet.
Learn More
Start Free Trial
$4.99/Month after free trial

Show Info

Episode Info

Episode Info: On this episode of 10 Minute Money Tips, Greg asks, I got a new job and am wondering what to do with my old 401(k). Is my only option to keep it at my old employer if I dont want to pay taxes? Topics Discussed In This Episode Keeping the 401(k) at the old company Rolling the old 401(k) into your new employers retirement plan Rolling the old 401(k) into a Traditional or Roth IRA Cashing out the old 401(k) (HINT: This is my least favorite option!) Push Play! Links and Resources Mentioned: Betterment (simple, low-cost investing) Vanguard (low-cost mutual fund company) Fidelity (low-cost mutual fund company) Charles Schwab (low-cost brokerage firm) 401(k) to Roth IRA Conversion Rules andnbsp; *     *     *     *     * Want to get all new episodes delivered directly to your favorite device? Please subscribe (for free!) to your preferred method below: If youd like to use a method that isnt listed above, you can grab the RSS feed here. After listening to the show, please leave some honest feedback on iTunes by clicking here. Leaving feedback will help the show expand. This means additional questions to help you expand your knowledge! Thanks for listening! Transcript Hey there stranger! Welcome to episode #11 of 10 Minute Money Tips. I’ve actually got a good question for you this week. It comes in from Greg and has to do with a 401(k). Take it away, Greg. “Hey Adam, this is Greg. I just recently took a new job and have some money in a 401(k) with my old employer. I just want to know what my options are with that money. I don’t want to pay taxes. Is my only option to leave the money with my old company? I appreciate it.” Hey Greg, great question, one that actually is a lot more common these days because it seems that people really don’t stay with one employer as they kind of used to. Back in the day, people would stay on for an employer for their entire career, but with a lot of turnover and switching of jobs these days; this is actually a very common question. You’ll be happy to know that you actually have a few options to move that money that will result in no taxes. And that first option is kind of what you already alluded to and that is keeping the money in the old 401(k) and that’s if your previous employer allows it. Some employers don’t allow you to keep the money there. Sometimes if you don’t have more in there than the certain threshold that they require, it might be $3000 or $5000, if you don
Read more »

Discover more stories like this.

Like Stitcher On Facebook


Episode Options

Listen Whenever

Similar Episodes

Related Episodes