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What to do with wifes 401K and My 401K+Roth
Posted on 3/4/15 at 8:05 am
Posted on 3/4/15 at 8:05 am
My wife changed jobs and her current employer does not offer a 401K. She as about $60K in a 401K from the old job. What should I do with it, roll it over to an IRA? she is vested 100%
My situation:
I have a 401k that I put 12% a check into which is roughly $300 every 2 weeks. I also put $350 into my Roth every month. Like someone mentioned yesterday "Croaka" I believe, said it was smarter to max out your 401K first before hitting the Roth. So I was thinking about backing off my Roth about $250 and putting that into my 401K instead. Would that be the smarter move?
My situation:
I have a 401k that I put 12% a check into which is roughly $300 every 2 weeks. I also put $350 into my Roth every month. Like someone mentioned yesterday "Croaka" I believe, said it was smarter to max out your 401K first before hitting the Roth. So I was thinking about backing off my Roth about $250 and putting that into my 401K instead. Would that be the smarter move?
This post was edited on 3/4/15 at 8:35 am
3
Posted on 3/4/15 at 8:12 am to sonoma8
I believe most people roll it into an IRA. Probably should just buy index funds and forget about it after that.
I know my dad is about 3 years from retirement, he rolled his 401k into a self directed IRA. He then bought a house and flipped it. Made about 75-100k$ doing that
I know my dad is about 3 years from retirement, he rolled his 401k into a self directed IRA. He then bought a house and flipped it. Made about 75-100k$ doing that
Posted on 3/4/15 at 8:17 am to GenesChin
If she was to roll it into a Roth IRA, the amount will be taxed correct?
Prob dont have the extra $$ to flip a house
Prob dont have the extra $$ to flip a house
Posted on 3/4/15 at 8:48 am to sonoma8
Roll the $$ from your wife's 401k into a traditional IRA.
Put the amount into your 401k that gets you all of the company match.
Max out your Roth IRA.
Any leftovers should go into your 401k
Put the amount into your 401k that gets you all of the company match.
Max out your Roth IRA.
Any leftovers should go into your 401k
Posted on 3/4/15 at 8:58 am to iAmBatman
Ok let me break it down alil further so I know exactly what to do because I will never be able to max out both the 401k and roth in the same year.
Right now I put $800/mth into 401K and $350/mth into my Roth. Company matches 4% and im 80% vested until next year which it then goes to 5%/100%. Would reducing my Roth to $100-200 and putting a total of $1200mth in my 401k be the better option or what? Lets just say you had $1400/mth to split between a 401k and a Roth, what would you do?
Right now I put $800/mth into 401K and $350/mth into my Roth. Company matches 4% and im 80% vested until next year which it then goes to 5%/100%. Would reducing my Roth to $100-200 and putting a total of $1200mth in my 401k be the better option or what? Lets just say you had $1400/mth to split between a 401k and a Roth, what would you do?
This post was edited on 3/4/15 at 8:59 am
Posted on 3/4/15 at 9:19 am to sonoma8
quote:
Like someone mentioned yesterday "Croaka" I believe, said it was smarter to max out your 401K first before hitting the Roth. So I was thinking about backing off my Roth about $250 and putting that into my 401K instead. Would that be the smarter move?
I think you misunderstood; the smart thing to do is max out the 401K match before hitting the Roth. What you do after taking full advantage of the match can depend on your financial situation, but everyone is always better off taking the free money.
quote:
Right now I put $800/mth into 401K and $350/mth into my Roth. Company matches 4% and im 80% vested until next year which it then goes to 5%/100%.
So your first priority should be putting at least 4% into your 401K this year and at least 5% next year.
Then you should probably be maxing out the Roth, then anything left over goes to the 401K.
Posted on 3/4/15 at 9:29 am to studentsect
quote:
So your first priority should be putting at least 4% into your 401K this year and at least 5% next year. Then you should probably be maxing out the Roth, then anything left over goes to the 401K.
This
Posted on 3/4/15 at 9:30 am to studentsect
Agree with studentsect
You did misunderstand me yesterday. Fund the maximum MATCH for the 401k is first priority
You did misunderstand me yesterday. Fund the maximum MATCH for the 401k is first priority
Posted on 3/4/15 at 9:32 am to studentsect
Ok so right now im at 12% going into my 401k and $350 mth into my roth which is about $1300 short of maxing it out. So in lamens terms, sorry for being financially dumb, I should decrease my 401k amount since im well over 4% and max out the roth correct? Id just decrease it enough just to meet the amount I needed to max out the roth.
Posted on 3/4/15 at 9:33 am to sonoma8
That sounds like a good plan
Reduce to 10% or so, whatever it takes to make up the 1300 you are short
Reduce to 10% or so, whatever it takes to make up the 1300 you are short
Posted on 3/4/15 at 9:37 am to Croacka
awesome.. Sorry for the misunderstanding. I have no idea about this kind of stuff.
Now with the wifes 401k, I just rolled my EJ roth to a vanguard roth. Should I just roll her 401k to a traditional under the same ticker name I'm under?
Now with the wifes 401k, I just rolled my EJ roth to a vanguard roth. Should I just roll her 401k to a traditional under the same ticker name I'm under?
Posted on 3/4/15 at 9:42 am to sonoma8
It's up to you
I keep all my rollover IRAs in the same place. I use fidelity but not saying they are better than another
Vanguard is a good one. You could even keep her money under the same institution it's currently in if you wanted to, just tell them you want to roll it over into an IRA. The main advantage to doing this will be increased investment options.
I keep all my rollover IRAs in the same place. I use fidelity but not saying they are better than another
Vanguard is a good one. You could even keep her money under the same institution it's currently in if you wanted to, just tell them you want to roll it over into an IRA. The main advantage to doing this will be increased investment options.
Posted on 3/4/15 at 9:47 am to Croacka
Ok, thanks for your help fellas, really appreciate it
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