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re: Old 401k - what to do with it?
Posted on 1/21/13 at 9:21 am to Vols&Shaft83
Posted on 1/21/13 at 9:21 am to Vols&Shaft83
quote:
Vanguard
Been reading up for the past 2 weeks since y'all recommended them for rolling my 401k... Every review I have read is positive
Still trying to decide on whether to roll it to a Roth or not...
Option 1: Rolling it to a Roth
Option 2: Roll it to an IRA and open a separate Roth to fund
1
Posted on 1/21/13 at 9:50 am to Lsut81
One thing I am reading about the implications of rolling it to a Roth...
Yes, the interest earned is tax free if you don't touch it until 59.5, but if you pull it out beforehand, you are subject to the 10% early withdrawal fee and you pay taxes on the interest earned.
So unless you're 100% positive that you won't need to touch it prior to age 60, it is a wash on net return.
Yes, the interest earned is tax free if you don't touch it until 59.5, but if you pull it out beforehand, you are subject to the 10% early withdrawal fee and you pay taxes on the interest earned.
So unless you're 100% positive that you won't need to touch it prior to age 60, it is a wash on net return.
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