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Started By
Message
re: Rolling over 401K to new job
Posted on 12/18/14 at 11:34 am to Broke
Posted on 12/18/14 at 11:34 am to Broke
quote:
Under the OP scenario the entire thing would be protected.
Sure his small balance in 2014 would be protected, but what happens in 2045 when that number has grown outside the protection limit?
quote:
quote:
You've been wrong now several times.
False
quote:
No they don't. You're a liar. I've never seen one company plan that will let me invest into 20 different equities of my choice.
My current plan is one. Another poster on page 2 has now said his offers this option.
quote:
quote:
ETA: Ever looked at a Roth balance vs a traditional IRA balance after 20-30 yrs?
Of course I have. I've been doing this for a living for 20 years. And fyi, the balances are exactly the same. Taxability is another matter entirely.
If he pays taxes on the money in the Roth conversion, the balances (in your definition) will most certainly not be the same.
quote:
quote:
401k loans offer 2 indisputable advantages, ability to borrow against, and full protection from bankruptcy.
I can't tell you how many times I've seen an IRA snatched away from a person in the event of bankruptcy.
Your statement is true, IRAs are bankruptable under certain conditions, but which is why I said that 401ks are fully protected, not IRAs.
These are some examples where you've been wrong. Which is why the OP should take all this information and do his own research.
Posted on 12/18/14 at 11:42 am to Sigma
You're right. Me and the other 2 financial planners here are wrong. We are pretty much wrong about everything. I just say shite out of my arse because I was working at Wendy's before I got this job. I'll defer all future financial discussion to the pipe fitter from the fine state of Alabama.
I'm kidding about the pipe fitter. I 100% know you are an engineer. Because only engineers are this hard headed and right about everything.
I'm kidding about the pipe fitter. I 100% know you are an engineer. Because only engineers are this hard headed and right about everything.
Posted on 12/18/14 at 11:44 am to Sigma
quote:
If he pays taxes on the money in the Roth conversion, the balances (in your definition) will most certainly not be the same.
Good God almighty. You know the shite that shows up in his bank when he takes a distribution isn't called "THE BALANCE" right?
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