401k advice!!!
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401k advice!!!
Posted by Pritcharddane on 11/12 at 4:29 pm
I'm changing jobs and have a little over 10k in my current 401k. I've heard of rolling it over into an IRA but would like some thoughts and advice on what I should do? I'm kinda wanting to look into investing also. TIA!!!


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Posted by BARNEYSTINSON on 11/12 at 8:04 pm to Pritcharddane
I recommend to all new clients that they should roll over the funds to an IRA. This option will allow you to go any to any individual equity, bond, mutual fund as well as alternatives that more than likely will not be offered in the new companies 401k.


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Posted by Pritcharddane on 11/12 at 8:34 pm to BARNEYSTINSON
Thanks. What is the best IRA to use?


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Posted by BARNEYSTINSON on 11/12 at 9:31 pm to Pritcharddane
That's a difficult question without knowing your entire financial profile. It is probably not a roth 401k, so the simplest would be going to a traditional IRA. You can convert to a roth IRA, but that will trigger a current taxable event but provide tax advantages down the road. Hope this helps.


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Posted by Tmacelroy12 on 11/12 at 10:12 pm to BARNEYSTINSON
If you are in a low tax bracket and expect to pay more taxes down the road, go with the Roth... otherwise regular IRA.


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Posted by tirebiter on 11/13 at 6:25 pm to Pritcharddane
Just an FYI, if you are in a good 401k and leave the funds in it you currently would have the option to start withdrawing funds at age 55 versus 59.5 in an IRA without incurring the 10% penalty, or have to take the 72 (t) option. If you are planning early retirement that may make a difference to you. Contrary to popular belief some 401k's actually have low cost, diverse investment options and brokerage capabilities. It's worth obtaining your 401k plan info to make an informed decision.


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Posted by TigerDeBaiter on 11/13 at 8:11 pm to Pritcharddane
I would roll it over!!!

But that's just me!!!



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Posted by Pritcharddane on 11/13 at 11:07 pm to Pritcharddane
Thank you guys for all of your info it's been a big help. Could you guys suggest some companies to use for my IRA?


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Posted by Venelar on 11/14 at 7:35 am to Pritcharddane
Vanguard


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Posted by LSUcam on 11/14 at 7:47 am to Pritcharddane
Merrill Edge with Merrill Lynch!


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