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Started By
Message
Question about 401k rollovers
Posted on 3/4/23 at 8:29 am
Posted on 3/4/23 at 8:29 am
I will be retiring at the close of 2023. I have a substantial amount in my 401k plan at my current job. I also have much smaller IRA’s at a couple of banks in cd’s.
At my retirement, can I rollover a portion of my 401k into a Schwab IRA account and a portion into existing IRA’s at local banks?
At my retirement, can I rollover a portion of my 401k into a Schwab IRA account and a portion into existing IRA’s at local banks?
7
Posted on 3/4/23 at 9:02 am to cusoonkpd
Why not just consolidate with Schwab? As bank CDs mature move them to Schwab IRA.
Posted on 3/4/23 at 10:10 am to cusoonkpd
Enjoy retirement
Posted on 3/4/23 at 11:13 am to cusoonkpd
One other thing to consider. My former employer provided use of Financial Engines and access to professional advisors as long as I maintained a 40lk balance with them. I kept about 10% of my balance there in a Vanguard index fund to retain access to those tools. If your employer has something similar you might want to take advantage of it.
Posted on 3/4/23 at 11:40 am to cusoonkpd
Are there any advantages to using the local banks or just something you stumbled into? I've always heard banks arent the best IRA providers. Just wondering if there's an angle I havent considered.
Posted on 3/4/23 at 11:48 am to TorchtheFlyingTiger
Not really. My local bank provides me with preferred rates on my CD’s with them. I have been much more aggressive over the years with my Keogh, and have seen good returns. Was fortunate in seeing the market correct early last year, and moved most to more conservative choices.
Went as heavy as allowed by law in purchasing I bonds last couple of years. Am currently taking advantage of placing as much as I can in t-bills. 17 and 26 week.
I am much more conservative than the average MT investor, because I am preparing for retirement.
Went as heavy as allowed by law in purchasing I bonds last couple of years. Am currently taking advantage of placing as much as I can in t-bills. 17 and 26 week.
I am much more conservative than the average MT investor, because I am preparing for retirement.
Posted on 3/4/23 at 1:03 pm to cusoonkpd
Once you are no longer employed you can rollover your 401K. I’ve done it with 3 employers and I’m retired. I moved mine to Vanguard, but Schwab and Fidelity are good also. You will get a moment of heart failure when your balance leaves your current account until it shows up in your new one. Takes a couple of days.
Posted on 3/4/23 at 10:13 pm to cusoonkpd
quote:
My local bank provides me with preferred rates on my CD’s with them.
How do those rates compare to the higher paying online CD rates? Nothing wrong with what you’re doing. Just curious.
Posted on 3/5/23 at 1:15 pm to cusoonkpd
Move it to an IRA. Better to not have a former employer lay out the rules for what you can and can’t do with your retirement savings
Posted on 3/5/23 at 4:00 pm to cusoonkpd
quote:
am much more conservative than the average MT investor, because I am preparing for retirement.
Huh?
Do you plan on being retired for a year or for 30 years?
This idea that you need to be mostly or all out of the market when you retire is how most people run out of money.
Posted on 3/6/23 at 11:55 am to cusoonkpd
Just my $0.02, having multiple retirement accounts at different places can cause a headache for your beneficiaries when it comes time. Just something to consider.
Posted on 3/7/23 at 3:44 pm to Tifway419
quote:
Just my $0.02, having multiple retirement accounts at different places can cause a headache for your beneficiaries when it comes time. Just something to consider.
I'm not saying you're wrong because I only have my experience to go with. My father passed away a few months ago. Anything we (my sister and I) were listed as the beneficiaries was pretty easy to transfer. Just had to fill out different paperwork for each account with mostly the same info.
For us, we had his biggest account split into an account for my sister and an account for me. Then we just moved any other claims into those newly created accounts.
The hardest thing would be identifying anything you weren't aware of and that could be tricky. My dad had 2 life insurance policies. A bigger one that listed us specifically and paid out quickly. There was also a supplemental policy that we didn't know about and had no beneficiaries listed. The insurance company said it was common for people not to realize they have to list beneficiaries on each separate policy. The insurance company reached out to my sister saying she had X number of days to file or it would be turned over to the estate. I filled out a bit more paperwork so they could track down line of succession and in the end was pretty easy and paid out a week after I submitted the claim.
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