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Message
re: Rolling over 401K to new job
Posted on 12/17/14 at 5:14 pm to Sigma
Posted on 12/17/14 at 5:14 pm to Sigma
quote:
"Many" may be an overstatement, but I'm sure they are fairly common.
Nope.
Can you buy Exxon in your 401K if you choose? What about a $3 stock to try to hit a home run? Can you buy a CD if things get dicey and you get a little scared?
1
Posted on 12/17/14 at 5:16 pm to lsujro
quote:
i would only use 401k to get match and if you've maxed out roth.
I would use the 401k up to the match first. Then work on a Roth. That's just the natural progression. There are so many unanswered questions that any actionable advice is ill advised.
Posted on 12/17/14 at 5:16 pm to Broke
quote:
I didn't ignore them. All you talked about was the balance. You are giving him half arse advice.
Did you ask him how old he was? His tax bracket? Married or single? Any other debts? Of course not.
I didn't think I had to mention this part. It's the biggest and most important difference between the two types of accounts. When I said "balance" I assumed we all understand that means how much arrives in your account after taxes.
But I think you are just being argumentative.
Posted on 12/17/14 at 5:18 pm to Sigma
quote:
I assumed we all understand that means how much arrives in your account after taxes.
Balance is what shows up on the brokerage statement. Look if you want to play financial guru that's fine with me but at least let the guy know you don't have a full grasp of what's going on.
Carry on.
Posted on 12/17/14 at 5:19 pm to Broke
quote:
Nope. Can you buy Exxon in your 401K if you choose? What about a $3 stock to try to hit a home run? Can you buy a CD if things get dicey and you get a little scared?
I guess you and I have different definitions of "a wide range of investment options".
Posted on 12/17/14 at 5:21 pm to Broke
quote:
Broke
Nothing I have posted in this thread is false, or bad advice. I can assure you I have a full grasp of the topic.
Posted on 12/17/14 at 5:21 pm to Sigma
quote:
I guess you and I have different definitions
You're right. I have the correct definition as it pertains to the industry. The one I've worked in for a very long time.
Posted on 12/17/14 at 5:22 pm to Sigma
quote:
Nothing I have posted in this thread is false, or bad advice. I can assure you I have a full grasp of the topic.
Ok.
Posted on 12/17/14 at 5:22 pm to Broke
Ok big guy.
Posted on 12/17/14 at 5:29 pm to Broke
quote:
Of course I have. I've been doing this for a living for 20 years. And fyi, the balances are exactly the same.
I couldn't resist. The statement above is completely false if money is transferred from an old 401k plan into one of these two accounts, which is what this entire thread is about.
I hope you aren't managing my grandmother's money.
Posted on 12/17/14 at 5:56 pm to Broke
Broke, I too work in the industry and just want to say in regards to what you said, we all applaud you. 
I've wanted to say the same stuff over and over and just had to bite my tongue, so much bad advice given on message boards from "do it yourselfers." It's one thing to get bad advice on "how to fix the kitchen sink" but it's entirely different situation to receive bad advice on managing your life savings. I wish people on this board would take that into consideration A LOT more.
I've wanted to say the same stuff over and over and just had to bite my tongue, so much bad advice given on message boards from "do it yourselfers." It's one thing to get bad advice on "how to fix the kitchen sink" but it's entirely different situation to receive bad advice on managing your life savings. I wish people on this board would take that into consideration A LOT more.
Posted on 12/17/14 at 6:04 pm to Shepherd88
This is a message board. Anybody that makes investment decisions based only on information found here is unwise.
That said, your fellow industry guy is just as guilty of making incomplete or vague statements in this thread as us "do it yourselfers".
The wise thing, which I think we can all agree on, is to take info on different approaches found here and do one's own reading.
That said, your fellow industry guy is just as guilty of making incomplete or vague statements in this thread as us "do it yourselfers".
The wise thing, which I think we can all agree on, is to take info on different approaches found here and do one's own reading.
Posted on 12/17/14 at 6:07 pm to Shepherd88
Anyone who thinks it's better to roll into the new 401k vs. an IRA needs to be questioned hard before listening to.
Posted on 12/17/14 at 6:24 pm to Phil
You could look at rolling it into an IRA at TD Ameritrade or Fidelity.
They are low cost and offer a very broad choice of stocks, ETFs, mutual funds, options, etc.
Do an analysis of whether you want a Roth or Traditional rollover. If you have money to pay the taxes, you could do the Roth if you believe you will be in a higher bracket when you retire or if you want to leave money to heirs efficiently and not have to do mandatory withdrawals.
Traditional IRA would be another option. You would not owe taxes on this type of rollover, but you would pay taxes on your withdrawals.
Good luck.
They are low cost and offer a very broad choice of stocks, ETFs, mutual funds, options, etc.
Do an analysis of whether you want a Roth or Traditional rollover. If you have money to pay the taxes, you could do the Roth if you believe you will be in a higher bracket when you retire or if you want to leave money to heirs efficiently and not have to do mandatory withdrawals.
Traditional IRA would be another option. You would not owe taxes on this type of rollover, but you would pay taxes on your withdrawals.
Good luck.
Posted on 12/17/14 at 6:27 pm to Janky
quote:
Anyone who thinks it's better to roll into the new 401k vs. an IRA needs to be questioned hard before listening to.
Lol
Posted on 12/17/14 at 6:39 pm to Sigma
Laugh it up chuckles. It has already been proven in this thread that IRA's offer a wider variety of investment choices even though you deemed "many" plans are superior. I am pretty sure between Broke and myself and our 34 years of experience says otherwise.
Posted on 12/17/14 at 6:52 pm to Janky
A wider range of investment options is just about the only advantage to a tIRA over a 401k, but if you are an index fund investor, it's mostly a wash. Another potential advantage can be lower fees, although this is very dependent on the situation.
401k loans offer 2 indisputable advantages, ability to borrow against, and full protection from bankruptcy.
You guys being professionals already know these things, which makes me wonder why you are making your arguments.
401k loans offer 2 indisputable advantages, ability to borrow against, and full protection from bankruptcy.
You guys being professionals already know these things, which makes me wonder why you are making your arguments.
Posted on 12/18/14 at 8:30 am to Sigma
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.
Right. NEVER. Guess you didn't read details of that pesky law did you? You know the one I'm talking about right?
I know you want to be the big shot here but please stop.
Posted on 12/18/14 at 9:26 am to Broke
Why did this shite turn so argumentative?
Any thing written on a message board is obviously not personal financial advice. The guy did not give nearly enough information to make a truly personal decision. However, generic advice that he can further research on his particular situation is all warranted.
And I have 349 options within my 401k, along with the option to open a self-directed brokerage with all available options through Fidelity. Many finds also have reduced fees. There was no reason not to roll over my old 401k into this one, except for the potential future tax implications of NUA by owning company stock in the former. But I was okay with that.
Ultimately OP needs to research his best options and determine what is best for both his retirement plans and tax liabilities. I think this thread gave him the correct options to further explore.
Any thing written on a message board is obviously not personal financial advice. The guy did not give nearly enough information to make a truly personal decision. However, generic advice that he can further research on his particular situation is all warranted.
And I have 349 options within my 401k, along with the option to open a self-directed brokerage with all available options through Fidelity. Many finds also have reduced fees. There was no reason not to roll over my old 401k into this one, except for the potential future tax implications of NUA by owning company stock in the former. But I was okay with that.
Ultimately OP needs to research his best options and determine what is best for both his retirement plans and tax liabilities. I think this thread gave him the correct options to further explore.
Posted on 12/18/14 at 11:03 am to Broke
quote:
I can't tell you how many times I've seen an IRA snatched away from a person in the event of bankruptcy.
Read my post again. I said 401ks offer full bankruptcy protection, not IRAs.
quote:
Right. NEVER. Guess you didn't read details of that pesky law did you? You know the one I'm talking about right?
I know you want to be the big shot here but please stop.
I regret this thread has turned nasty, but if you are going to insult me, please get your facts straight. You've been wrong now several times.
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