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Switching jobs. New company doesn’t offer a 401k
Posted on 8/20/21 at 5:39 am
Posted on 8/20/21 at 5:39 am
This is a big deal but there were just so many other pros to the new job to even list. Have a pretty decent chunk in my 401k from previous employer. I’m really not too savvy with this stuff so any feedback would be appreciated. Should I just look into an IRA with my current bank (red river bank based out of Alexandria la) or should I look at one of the big national banks.?
9
Posted on 8/20/21 at 5:48 am to jkylejohnson
Fidelity or some sort for a roth ira or venture out into bitcoin.
Posted on 8/20/21 at 5:49 am to jkylejohnson
You could move it to vanguard or fidelity- it’s easier if you just up and account and have the firm or company send the money directly. Just for tax purposes-
Posted on 8/20/21 at 6:29 am to Gorilla Ball
You can move to any of the big investment banks(Vanguard, Fidelity, Schwab) and have easy access to low cost mutual funds of your choice, which is great. I will warn you that if your 401K is in traditional pre-tax monies that when you roll it to an IRA that will also of course be preTax monies. Therefore if you were wanting to complete a backdoor Roth IRA conversion each year you would be subject to the pro-rata rule(assuming you had to do a backdoor Roth depending on your income). You could just leave it at your old employers 401K depending on how good the plan is/options/costs/etc. Might be a good time to pay a fiduciary financial advisor a one time fee to go over your specific situation to create a plan for you. Just my 2cents and something to consider as I went through this a few years ago.
Posted on 8/20/21 at 7:32 am to jkylejohnson
Don’t look into an IRA at any of your banks.
Posted on 8/20/21 at 9:14 am to jkylejohnson
VANGUARD OR FIDELITY ROTH IRA.
transfer 401k into a traditional IRA with same brokerage above you choose. Feel free to backdoor roth ira if you choose.
start a side gig/business and get a solo401k. They are fabulous.
no, you cannot contribute to the solo401k as an employee of someone else.
transfer 401k into a traditional IRA with same brokerage above you choose. Feel free to backdoor roth ira if you choose.
start a side gig/business and get a solo401k. They are fabulous.
no, you cannot contribute to the solo401k as an employee of someone else.
This post was edited on 8/20/21 at 9:16 am
Posted on 8/20/21 at 10:03 am to jkylejohnson
quote:
Fidelity
Posted on 8/20/21 at 10:08 am to footballdude
Vanguard or Fidelity as has already been stated. DO NOT use a bank for your IRA. While at it, check what you are invested in (Fact you are considering bank IRA worries me you might not have good awareness of investment options). Knowing nothing else, I would stash it in a low cost index fund. I don't like them but a target date retirement fund would also work but be more aggressive choose something a with a later retirement date so you have less in bonds
Posted on 8/20/21 at 10:14 am to Fat Bastard
quote:
VANGUARD OR FIDELITY ROTH IRA. transfer 401k into a traditional IRA with same brokerage above you choose. Feel free to backdoor roth ira if you choose. start a side gig/business and get a solo401k. They are fabulous. no, you cannot contribute to the solo401k as an employee of someone else.
All of this. I have Vanguard and Schwab. I actually prefer Schwab.
Posted on 8/20/21 at 10:48 am to jkylejohnson
Something to consider is that if you convert this to a traditional IRA, then that will limit your ability to do any "backdoor" Roth IRA conversions in the future.
If you think that it will be possible for you to exceed the Roth IRA income limits AND you expect that to be a key part of your retirement portfolio, then you may be better off leaving this money in the existing 401k.
If you think that it will be possible for you to exceed the Roth IRA income limits AND you expect that to be a key part of your retirement portfolio, then you may be better off leaving this money in the existing 401k.
Posted on 8/20/21 at 11:11 am to jkylejohnson
They don't offer a 401k period, or they don't have a match?
My company doesn't have a match (I got equity though) but I don't think I've heard of a company just flat out not offering a 401k.
My company doesn't have a match (I got equity though) but I don't think I've heard of a company just flat out not offering a 401k.
Posted on 8/20/21 at 11:45 am to Fat Bastard
quote:
transfer 401k into a traditional IRA with same brokerage above you choose. Feel free to backdoor roth ira if you choose.
You can't do the 1st thing if you plan to do the 2nd.
Posted on 8/20/21 at 12:36 pm to Oenophile Brah
quote:
You can't do the 1st thing if you plan to do the 2nd.
it was meant to be EITHER/ OR
Posted on 8/20/21 at 12:56 pm to Oenophile Brah
quote:
You can't do the 1st thing if you plan to do the 2nd.
You can, just not as efficiently.
Posted on 8/20/21 at 10:18 pm to jkylejohnson
Does not offer a 401k or a match towards 401k?
If former, would question company’s core values re people.
If former, would question company’s core values re people.
Posted on 8/21/21 at 7:07 am to buffbraz
quote:
I will warn you that if your 401K is in traditional pre-tax monies that when you roll it to an IRA that will also of course be preTax monies. Therefore if you were wanting to complete a backdoor Roth IRA conversion each year you would be subject to the pro-rata rule(assuming you had to do a backdoor Roth depending on your income).
^^^ This is worth repeating. While there are upsides, the big downside of moving the money from the 401k to an IRA is the impact on doing a back door Roth conversion. It may still be worth it to move it but you should know how it impacts your financial planning.
Posted on 8/21/21 at 11:43 am to jkylejohnson
I really appreciate all the replies fellas. Definitely have something to go with now. I am nervous about giving up my great 401k match but getting out of the corporate America job is going to have its perks too. Thanks for the info again. 
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