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What should you do with that old 401k?
Manage episode 485208244 series 3653660
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In this episode of the Retire Early Podcast, financial advisors and retirement planners Sam Benson and Linwood Fraher discuss the important decisions to make regarding 401ks after leaving a job or retiring. They outline the four primary options: leaving it with the current employer, rolling it over to a new employer’s plan, rolling it into an IRA, and cashing it out. They highlight the pros and cons of each option and emphasize the importance of knowing the tax implications. The episode also touches on the growing issue of using credit for everyday expenses and the financial pitfalls it can create. Join Sam and Linwood as they provide valuable insights to ensure your retirement planning stays on track.
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00:00 Introduction and Greetings 00:41 Understanding 401(k) Options 04:20 Option 1: Leaving Your 401(k) with Your Former Employer 07:38 Option 2: Rolling Over to a New Employer's 401(k) 12:22 Option 3: Rolling Over to an IRA 22:20 Option 4: Withdrawing from Your 401(k) 24:59 Financial Pitfalls and Final Thoughts 31:23 Conclusion and Farewell
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