What Do I Do With the 401(k) From My Old Job?

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  • Опубліковано 25 сер 2024
  • What Do I Do With the 401(k) From My Old Job?
    Listen to how ordinary people built extraordinary wealth-and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Christy Wright, Rachel Cruze, and John Delony.
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КОМЕНТАРІ • 298

  • @Elliot-Ivan
    @Elliot-Ivan Місяць тому +147

    I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

    • @leoma-l7r
      @leoma-l7r Місяць тому

      I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.

    • @Elliot-Ivan
      @Elliot-Ivan Місяць тому

      @@leoma-l7r That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well

    • @leoma-l7r
      @leoma-l7r Місяць тому

      @@Elliot-Ivan My advisor is Victoria Carmen Santaella

    • @leoma-l7r
      @leoma-l7r Місяць тому

      You can look her up online

    • @ArabellaBeatrice-099
      @ArabellaBeatrice-099 Місяць тому

      @@Elliot-Ivan The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?

  • @PremSteve-yg4de
    @PremSteve-yg4de Місяць тому +307

    Recently, I've been pondering retirement, unsure if my 401(k) and IRA will provide a stable future. I've also put $800K into the stock market, encountering fluctuations with limited gains. i need an approach that will align with my risk tolerance and financial goals

    • @fresnaygermain8180
      @fresnaygermain8180 Місяць тому

      Using a 401(k) or IRA is a valuable strategy for retirement planning, providing potential savings growth and tax advantages. While the stock market is promising, expert guidance is essential for effective portfolio management

    • @belobelonce35
      @belobelonce35 Місяць тому

      Opting for an inves-tment advisr is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 85% since 2022

    • @yolanderiche7476
      @yolanderiche7476 Місяць тому

      I've been looking to get one, but have been kind of relaxed about it. Could you recommend your advis0r? I'll be happy to use some help.

    • @belobelonce35
      @belobelonce35 Місяць тому

      ’Sharon Marissa Wolfe’ is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

    • @bernisejedeon5888
      @bernisejedeon5888 Місяць тому

      I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip.

  • @angelalaskodi3459
    @angelalaskodi3459 2 роки тому +127

    I think Dave might have missed something here. I left a company and the representative of the 401K mailed me a check, full amount, in my name. I went to the bank and opened an IRA and deposited the check. At tax time, my CPA filed a form showing the roll over so I wouldn't be taxed 20%. It worked.

    • @tymowens718
      @tymowens718 2 роки тому +28

      @Fixing Finances 60 days

    • @strawmummy
      @strawmummy 2 роки тому +2

      @Angela when u say u opened an IRA what kind of IRA did u deposit your money to? Am curious. I have Roth IRA and i contribute to 403 with employers match

    • @angelalaskodi3459
      @angelalaskodi3459 2 роки тому +8

      @@strawmummy traditional IRA. Although I think Roth is better, and so does Dave. You can transfer the money into any IRA, or retirement plan, and you won't be penalized. What happened was my money was in a 401k, employee matched, when I left the company I drew it out, the check came to my home, and I deposited it in my traditional IRA account at my local bank. At tax time, my CPA had to file a form showing that it was a rollover.

    • @strawmummy
      @strawmummy 2 роки тому

      @@angelalaskodi3459 thank you Angela!

    • @Susieq26754
      @Susieq26754 2 роки тому +3

      What if the bank goes bankrupt?

  • @TravelingTheWorld1993
    @TravelingTheWorld1993 2 роки тому +35

    I had a 401k from a previous employer and I did a rollover. I had the check sent to me. But I had 60 days to send it to my current employer retirement management company ( TRowePrice ). It was actually really terrifying. Because it was a check of over $215,000 and I was afraid of the IRS. So I overnighted express the check to TrowePrice.

  • @DanLeahfort
    @DanLeahfort 10 місяців тому +158

    While your 401(k) account will likely continue to grow after you stop contributing to it, that growth will be limited by the market, your plan’s balance and other factors, so i can perceive the preference for IRA, I still want to know how best to compound at least $2m in retirement savings.

    • @colleen.odegaard
      @colleen.odegaard 10 місяців тому

      We can all use help with our finances, and never more so than when it’s time to save for retirement. That’s where a financial advisor can offer valuable guidance and insight.

    • @TeresaBrickle
      @TeresaBrickle 10 місяців тому

      my partner’s been considering going the same route, could you share more info please on the advisor that guides you

    • @TeresaBrickle
      @TeresaBrickle 10 місяців тому

      Thank you for this tip , I must say, Monica appears to be quite knowledgeable. After coming across her web page, I went through her resume and I must say, it was quite impressive. I reached out and scheduled a call

    • @sampierson402
      @sampierson402 10 місяців тому

      I left a job of 9 years and cant roll over into new companies 401k for another couple months. Since I left that company 4 months ago my 401k has dropped $1,700.

  • @j.m0ney133
    @j.m0ney133 3 роки тому +37

    Roll your 401K to your new job or roll it to an IRA in your name. Don't cash it out unless you are past the retirement age. Don't pay that 10% penalty!

    • @harrychufan
      @harrychufan 2 роки тому

      And income taxes 🤮

    • @excitmnt94Evansdad
      @excitmnt94Evansdad 4 місяці тому

      She was 58, so the age 55 rule would have applied, thus there is no early withdrawal penalty. She does not have a new job yet, so if she did end up needing funds, pulling from this old 401k would save her the EWDP of 10% versus the penalty being turned back on in the IRA.

  • @Aziz__0
    @Aziz__0 Рік тому +109

    Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. Compounding is the process of earning interest on your initial investment, as well as on the interest that investment earns. This means that over time, your investment can grow exponentially. So the earlier you start investing, the more time your investment has to grow through compounding

    • @c.t.u.o
      @c.t.u.o Рік тому

      Nobody knows anything you need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving.

    • @user-3456rtu
      @user-3456rtu Рік тому +1

      @@c.t.u.o I completely agree; I am 60 years old, recently retired, and have approximately $1,250,000 in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.

    • @MiikeFaber
      @MiikeFaber Рік тому

      @@user-3456rtu my 401k has particularly lost everything gained since 2019, who is your coach if this is not too much i'm asking?Been doin sum research lately.

    • @user-3456rtu
      @user-3456rtu Рік тому

      @@MiikeFaber My advisor is NICOLE DESIREE SIMON , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market

    • @MiikeFaber
      @MiikeFaber Рік тому

      @@user-3456rtu she actually appears to be well-read and educated. I just did a Google search for her name and found her webpage, I appreciate you sharing

  • @jehuspirit8375
    @jehuspirit8375 10 місяців тому +4

    You can go through a nightmare with this. ALWAYS take your money with you every time and do not wait. You can have an old 401K and they could move it to a new company. New company might say WHO ARE YOU? We don't know you. Can't get to a human. No way to gain access. They make you agree to paperless correspondence and then don't allow you to log in. You will be in limbo. Don't leave it one more day.

    • @atownpoet86
      @atownpoet86 2 місяці тому

      I'm in a very similar situation. Were you able to get your money moved over to a new account?

  • @livingunashamed4869
    @livingunashamed4869 3 роки тому +286

    To only have 85k in her 401k after 30yrs is scary!

    • @sammycg
      @sammycg 2 роки тому +42

      Seriously bro. I have over $80k saved in my 401k in my current job and I’ve been with the company for over 3 years.

    • @livingunashamed4869
      @livingunashamed4869 2 роки тому +24

      @@sammycg Yeah you're way above average lol but she should 10X if she invested right and the the right amount.

    • @truckingmoney485
      @truckingmoney485 2 роки тому +29

      A lot of people do the bare minimum because they’re not willing to sacrifice anything they put like 20 a week in they don’t even contribute enough to get the entire company match

    • @magicpony9
      @magicpony9 2 роки тому +8

      Yeah, maybe she has other sources of income but it doesn’t sound like it. I hope she’s ok, that’s not going to last long.

    • @lot5953
      @lot5953 2 роки тому +13

      I put minimum too into my 401k. After 8 years, I got only $78k. Then I left company in 2016 but last year,2021, I checked my 401k balance and it went to $120k. I was surprised that it went up

  • @JustinCase780
    @JustinCase780 3 роки тому +12

    @4:17 "Does that all make sense in general?"
    Caller after being overwhelmed: "yes sir it does"

    • @jamesnorth8274
      @jamesnorth8274 3 роки тому +2

      Dave is targeting an audience who doesn't know anything about money.
      For legal reasons this is not advice but I can tell you what I do.
      People should only buy a house to live in when your assets can pay for it by providing enough cash flow to the point that your buying a primary residents doesn't even impact you financially. Other wise they should just rent.
      Never buy mutual funds because the expense ratio is to high, plus there are many additional fees. mutual funds have been shown to under perform overtime.
      People should just stick to ETF'S, listed investment companies and value invest in single stocks only buy EFT'S when you aren't sure what to buy, if you want real estate invest in commercial real-estate in a limited company that has 50 percent debt on each of the properties that you buy. This should be where 99 percent of your money goes I would stay away from office buildings due to the lockdowns. I am personally a stock guy so my money is in the share market, but if you want real-estate you can. also don't sell your properties other wise you will pay company tax although you don't get the capital gains tax benefit you are protected from law suits and you are not liable for the debt on your real-estate. You can also start a limited business with that money if you want to.
      With the other 1 percent your cash flow, being in both gold and silver both being 0.5 percent of your cash flow in invested each.
      only hold on the cash for a maximum of 1 year and make sure that it's only for saving up to buy a cheap asset also make sure this cash is in hybrid bonds and not the bank only hybrid bonds no other types of bonds.
      only have what you need in the bank to cover the next week of expenses.
      for legal purposes this is not advice.

    • @JustinCase780
      @JustinCase780 3 роки тому

      @@jamesnorth8274 thank you! 👍

  • @imdoc7872
    @imdoc7872 6 місяців тому +3

    I rolled over my 401k to a vanguard solo 401k

  • @Cornholio768
    @Cornholio768 2 роки тому +35

    This woman thought she would get unbiased advice. Instead, Dave wasted no time in doing a sales pitch to his "smartvestor pros". It's a simple question with a simple answer. All she needs to do is either keep the $ in the 401k or roll it over to a Trad. IRA with a low cost company like Vanguard.

  • @robertmarlo6668
    @robertmarlo6668 3 роки тому +29

    I rolled my old 401k into my new 401k, that way I could keep my traditional ira empty for back door Roth every year ..

  • @shawnmichael777.
    @shawnmichael777. 3 роки тому +31

    If you like the investments in your current 401k you can leave it. Consider expense ratio. Example: Vanguard Institutional shares, which a lot of 401k's use, is better than Admiral shares.

    • @Lianne459
      @Lianne459 3 роки тому +2

      I left the 401K at my old job for 7 years because I liked the fund choices there. Its still yours as long as the company is still in business.

    • @harrychufan
      @harrychufan 2 роки тому +1

      Just make sure to have more than $1000 in the 401k or they can force you out of their plan

    • @dougjohnson435
      @dougjohnson435 2 роки тому +5

      @@Lianne459 your 401k is yours no matter what happens to the company.

    • @lot5953
      @lot5953 2 роки тому +2

      I left my 401k with my previous company. And it's steady increasing the amount. Joined my new company and it doesn't have 401k but it has pension

    • @shawnmichael777.
      @shawnmichael777. 2 роки тому +1

      @@lot5953 interesting. What job do you do that you have a pension? Just curious. Also, you can roll your old 401k into a traditional IRA if you are not happy with the fund selections in your 401k. Based on your comment it sounds like you are : )

  • @richard77231
    @richard77231 3 роки тому +11

    Look at the Rule of 55. I would rollover it into the next employers 401k.

  • @joediamond5933
    @joediamond5933 2 роки тому +54

    I wish he would of discussed the rule of 55. As most people don’t realize they can access funds in a 401k if they quit or get fired WITHOUT a penalty. This woman was 58 and would have the ability to access funds prior to 59 1/2.

    • @jgwork7856
      @jgwork7856 2 роки тому +2

      Wow..Joe Diamond..Really.. I left several jobs in my twenties that I know I had at least $5000 or more in it.. Is it possible to call those old jobs or to see if they're in business to recover any of the 401K that gained Interest

    • @Airbender24B
      @Airbender24B Рік тому +2

      Only if she needed it. 59 is still quit young.

    • @dpeagles
      @dpeagles Рік тому +7

      @@jgwork7856 Google how to find old 401k

    • @TioJan01
      @TioJan01 Рік тому

      @@jgwork7856yes, I work within this field and have people calling after long years because they just remembered they had a 401K and its still there. Shouldn’t have problems accessing the funds.

  • @saulgoodman2018
    @saulgoodman2018 3 роки тому +22

    Just keep it in there. They cannot force you to withdraw.
    Or roll it over to your new 401k. So this way you pay no taxes, when you do retire.

    • @alinatamashevich3354
      @alinatamashevich3354 3 роки тому +6

      Attention: Never take any advice from Saul Goodman!

    • @alinatamashevich3354
      @alinatamashevich3354 3 роки тому

      Again Saul, your advice is incorrect. Where did you get your education?

    • @harrychufan
      @harrychufan 2 роки тому +3

      They can force you to withdraw if you have a balance of less than $1000

    • @saulgoodman2018
      @saulgoodman2018 2 роки тому

      @@harrychufan She said she has 85k in it.

    • @alinatamashevich3354
      @alinatamashevich3354 2 роки тому

      @@harrychufan Also once you are gone you cannot keep contributing to the plan.

  • @mrjack8849
    @mrjack8849 Рік тому +8

    I rolled over a previous 401k and cashed a stock-based pension fund to a IRA at Fidelity. Then put those funds into multiple index funds that average almost 10% growth in each year. Many companies are now offering Roth 401ks. If you have that option, I say take it. If you roll that over to a Roth IRA someday, it’s tax free. However, if you roll a traditional 401k or IRA into a Roth, you will have to pay taxes at that point before it goes into a Roth.

  • @ExequielSkidmore666
    @ExequielSkidmore666 5 місяців тому +110

    investing requires good experience and knowledge to carry out a good and successful trade, I have lost a lot trying to trade all by myself May I ask which investments are good?

    • @HonorinaLeemaster223
      @HonorinaLeemaster223 5 місяців тому

      The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.

    • @ExequielSkidmore666
      @ExequielSkidmore666 5 місяців тому

      how do I get in touch with this consultant that assist?

    • @HonorinaLeemaster223
      @HonorinaLeemaster223 5 місяців тому

      Jenny Pamogas Canaya, that's whom i work with look her up and thank me later

    • @ExequielSkidmore666
      @ExequielSkidmore666 5 місяців тому

      Thanks for the info . Found her website and it really impressive

  • @Lianne459
    @Lianne459 3 роки тому +16

    Just put it into a personal IRA, rollover you just dont touch it or have them send you a check. Then open an IRA at Fidelity, Vanguard, ETrade or wherever.
    You dont need an investment guru. Invest that money in a S%P 500 ETF a Mid or Small cap ETF and call it a day

    • @exgamer07
      @exgamer07 3 роки тому +1

      Or VTI then you are one and done

    • @Lianne459
      @Lianne459 3 роки тому +4

      @@exgamer07 Exactly. Dave's "pros" take advantage of people who know nothing.
      He gives good advice, but it always pushing his products.

    • @exgamer07
      @exgamer07 3 роки тому +2

      @@Lianne459 even if you are a novice, a robo-advisor still has lower expense ratios than Dave’s plan

    • @Lianne459
      @Lianne459 3 роки тому

      @@exgamer07 absolutely. It’s difficult to believe anyone doesn’t know this in 2021

    • @heroblok6
      @heroblok6 Рік тому

      How quick does the money grow in an IRA?

  • @theclown888
    @theclown888 Рік тому +4

    I figured this would turn into a sales pitch for financial advisors who have paid to be in the Ramsay club. And only 80k after 30 years?

    • @genesiscatano
      @genesiscatano 11 місяців тому

      business is business

    • @dr_pinna543
      @dr_pinna543 4 місяці тому

      When you've amassed an empire you can do whatever you want (legally). She obviously needs someone to guide her or she wouldn't be calling into the show.

  • @Slimbo_85
    @Slimbo_85 Рік тому +4

    I’m 37 with $180k in my 401k I want to explore options, i don’t want to Rollover to my next company 401k I would like to purchase a property anything but to get the most out of my money legally.

    • @TyWerks
      @TyWerks 6 місяців тому +1

      look at some of the comments someone said they rolled it in to an IRA

    • @Slimbo_85
      @Slimbo_85 6 місяців тому

      Update, I left my company in November 2023, which had gotten bought out by a bigger company, as of Feb.2024 the record keeper for my old job(which got bought out by another company) took my funds now I have to go chasing them and track them down by now is over 212k and neither record keeping company knows where it is after 5days of being gone.

  • @adrianalizbette12
    @adrianalizbette12 Місяць тому

    This was very helpful information!!!🎯💯💯💯
    Thanks for sharing, especially for the honesty...

  • @OliviaParker-rx3ni
    @OliviaParker-rx3ni 2 місяці тому

    The increasing tax rate is the reason I rolled over my 401k to a ROTH. I wouldn't want to be paying taxes on current income on withdrawals made from my retirement account. I have been maxing out my 401k, 457b and Roth IRA for the past decade. Two incomes doing the same. Grinding down hard in my 20s-30s to let it ride into my 40s and beyond.

  • @bagenstb
    @bagenstb 3 роки тому +20

    As long as you're not doing a backdoor Roth IRA, it's best to rollover from a 401(k) to an IRA to get a much larger selection of mutual funds. If you are doing a backdoor Roth, then you need to keep the money in the 401(k).

    • @harrychufan
      @harrychufan 2 роки тому +2

      You’re gonna miss out on the ERISA protections of the 401k tho

    • @Happyliving757
      @Happyliving757 2 роки тому +6

      What does a backdoor roth mean?

    • @manuelvarela2006
      @manuelvarela2006 Рік тому +1

      What is a back door roth

    • @6laka.
      @6laka. 2 місяці тому

      @@harrychufan i think if you're young the tax free growth is more appealing

  • @aaront936
    @aaront936 3 роки тому +4

    If you like the funds and the fees are low keep it there.

  • @JustinCase780
    @JustinCase780 3 роки тому +10

    Wow...How much commission does a SmartvesterPro ding this caller in commision? "The heart of a teacher" is a beautiful touch.

    • @wread1982
      @wread1982 3 роки тому +7

      They get 2% yearly fees so that’s why I invest in index funds on my own. They outperform active mutual funds and only have fees of .03% instead of 2% mutual funds which cause compound kntrest drag

    • @JustinCase780
      @JustinCase780 3 роки тому

      @@wread1982 thanks!

    • @alinatamashevich3354
      @alinatamashevich3354 3 роки тому +2

      @Justin Case, don't think that the financial industry is devoid of slimy characters. Some are worse than used car salesman, all they care about is their commission and NOT you money. It is definitely buyer beware.

    • @alinatamashevich3354
      @alinatamashevich3354 3 роки тому

      @@wread1982 Some people need hand holding and are willing to pay for that service.

    • @JustinCase780
      @JustinCase780 3 роки тому

      @@alinatamashevich3354 yes, I've had that experience with whole life insurance sales people. thanks so much Alina!

  • @imdoc7872
    @imdoc7872 Рік тому +3

    It depends on the company. I had a 401k through fidelity in my old job and the way they roll over is by sending you a check directly but paid to the new company where you are going to hold your new 401k or ira.

    • @user-km4ze3wi2m
      @user-km4ze3wi2m 4 місяці тому

      Thank you for this. I have a small amount in Fidelity and don’t know what to do with it. 😂

    • @itsallperfectlynormal9805
      @itsallperfectlynormal9805 3 місяці тому

      Fidelity with current and previous employer, I see both on my home screen.

  • @Roger-il8iw
    @Roger-il8iw Рік тому +4

    The short answer is rollover to a Ira roth or traditional. Call fidelity they will walk you through it for free.

  • @rajbeekie7124
    @rajbeekie7124 3 роки тому +10

    She does not have to take the money out. If the old company has good funds with low fees, she should leave it. The next option is to open an IRA at a brokerage company like TD Ameritrade, Vanguard, etc. There are many good companies out there. Divide the money into 3-5 index funds like SPY, QQQ, etc. Do that and she will be fine.

    • @Airbender24B
      @Airbender24B Рік тому

      If she left the company then isn't there a time frame to move her funds before they send her a check?

    • @rajbeekie7124
      @rajbeekie7124 Рік тому +1

      @@Airbender24B Years ago, when I left a company they told me once the balance is over $5,000 I can leave it as long as I want.

  • @BigFrankG-YSU
    @BigFrankG-YSU Рік тому +5

    I have about 200k in my 401k from GM. When I quit I kept it in there because I like the investment options and I am able to take loans on it and pay myself back with interest. I would rather have that option than putting it into an IRA

  • @bobbyb7672
    @bobbyb7672 2 роки тому +3

    Why did I think she was going to have millions???

  • @jeffmorse5599
    @jeffmorse5599 2 роки тому +1

    i always roll into my IRA, far better investment options. If i want to retire early on the rule of 55 my current employers 401k will suffice to buy me the 4.5 years until the IRA can be drawn on.

    • @dominant_male5605
      @dominant_male5605 2 роки тому

      Ok I have an roth ira with vanguard and a 401k with my old job should I roll it over or keep it in their

  • @bb-1359
    @bb-1359 Рік тому +2

    Advice was to hire a Ramsey employee 😜

  • @fmbighair
    @fmbighair 5 місяців тому

    OK I get it. take it from the job you leave and roll it over but at the very end he says to "take the 401k from your old job, NOT to your new job. But to an INDIVIDUAL rollover." Why not the new 401k from your new job? wouldnt it make sense the interest would make more if all of the 401k is in one big amount account rather than two smaller amount?

    • @damondiehl5637
      @damondiehl5637 3 місяці тому

      Annual Interest on two accounts of $100k earning 5% each is $10,000.
      Annual interest on a single account worth $200k earning 5% is still $10,000.
      401ks generally offer a limited set of funds to choose from. If you rollover into an IRA, you can choose any stock or fund you want.
      My 401k offers about a dozen target date retirement fund and a Vanguard fund that mimics the S&P500 (FXAIX) and a T Rowe Price technology fund. The target date funds invest aggressively at first and then become more conservative as they get closer to the retirement date. I put all my money in the Vanguard and T Rowe Price funds. Not all 401ks are going to have offerings like that.

  • @do1463
    @do1463 Рік тому +1

    how much does it cost to talk to pro about transfering your 401K to a Roth and signing all the correct forms?

    • @damondiehl5637
      @damondiehl5637 5 місяців тому

      Talk to the administrators of the IRA and the 401k. Talking to them is free, there is no need to bring anyone else into the discussion. You can open an IRA online. They make it super easy, because they want you to invest with them. They will help you with the rollover process, as well, because, again, they want your money.

  • @yaniragonzalez8337
    @yaniragonzalez8337 2 роки тому +1

    What if your job don't do rollovers ? WHAT OPTIONS DO U HAVE

    • @heroblok6
      @heroblok6 Рік тому +2

      It’s not up to them, 401k is with John Hancock- if you want your money, the employer will give you a withdrawal form or other options (rollover) and where you want them to go. You sign it they sign it, then the paperwork is submitted. And I just wait for it to transfer.

  • @jimmyvila4443
    @jimmyvila4443 2 місяці тому

    If more people knew about Roth IRA their money will be better invested than a 401k either way which ever it’s better to invest.

  • @hansmoleman9720
    @hansmoleman9720 2 роки тому +9

    It's a little upsetting Dave turned this woman directly to Mutual Funds and made no mention of these other low fee/low risk/reliable investments called Index Funds. Just straight to high risk/high cost/high reward investing? Most people (this woman included) aren't that good and managing their investments.

  • @outwestexplorer1966
    @outwestexplorer1966 6 місяців тому

    Do you have a video about cds. Is there a way to transfer a cd or cash them out without getting taxed.

  • @d2t214
    @d2t214 6 місяців тому

    You would have to pay taxes on withdraws after retirement on the roll over account correct? At your current tax rate.

  • @karlafoster1935
    @karlafoster1935 4 місяці тому

    Question: Doing Turbo tax where put in section of IRA rollover in 2023 said cannot exceed my current income of 25,000/retired social security amount. Put in 157,000 directly to Tradtional IRA from employer retirement acct. Said would be penalty. HELP please.

    • @damondiehl5637
      @damondiehl5637 3 місяці тому

      A rollover is not a taxable event. Income is not a factor in a rollover. Hopefully you contacted TurboTax and got it straightened out.

  • @StayPositive-sd8op
    @StayPositive-sd8op 4 місяці тому

    I pulled a loan from my 401k to pay for my moms funeral which i still owe $2218.00 on it. I got let go of my job and need to use some of that money till i find a job

    • @damondiehl5637
      @damondiehl5637 3 місяці тому

      You get a short period of time after you leave to pay the remaining amount. If you don't, and you are under 59.5, it becomes an early withdrawal and you pay a penalty in addition to taxes.

    • @StayPositive-sd8op
      @StayPositive-sd8op 3 місяці тому +1

      @damondiehl5637 that must be the letter I got in the mail the other day about making the payment before Aug..
      I'm gonna meet with the bank tomorrow to switch it to the Ira. I'm gonna need to take a little more out to pay my last debt of $400.00 then I'm debt free.

    • @damondiehl5637
      @damondiehl5637 3 місяці тому

      @@StayPositive-sd8op That is an expensive way to do it. The 401k loan will be declared an early withdrawal, so you will pay 15% tax plus a 10% fee. The same will apply to the additional $400 you pull out to pay off the credit card during the rollover from 401k to IRA.
      I would consider opening an IRA account with Vanguard or Fidelity or ETrade. Roll your 401k over into that and then you have all kinds of options for growing your money. If you open an IRA with the bank, I'm not sure what investment vehicles are available to you. I have a regular trading account with ETrade, in addition to a Rollover IRA and a Roth IRA, there. Setting up account with any of those companies is easy. You give them your information and connect to one or more bank accounts and then it is easy to transfer money between them. ETrade lets you buy stock with the money your transfer in, right away, before it clears.

  • @scuba5k
    @scuba5k 3 роки тому +1

    My company is canceling their 401k plan and my salary is higher then the IRA income limit. What do I do?

    • @a33m3a
      @a33m3a 3 роки тому

      Individual brokerage account

    • @az21bob666
      @az21bob666 3 роки тому

      you could alwasy put money in a stock broker account

    • @harrychufan
      @harrychufan 2 роки тому +1

      There is no IRA income limit. Just contribute to a non deductible IRA using form 8086 and then do a backdoor Roth. Then boom, you have a Roth IRA. Get a professional to help you with this.

  • @Topself24
    @Topself24 Рік тому +1

    85k after 30yrs? 🧐🧐🧐🧐

  • @ianscianablo8507
    @ianscianablo8507 11 місяців тому

    What can you do if you are leaving Walmart for a much better job BUT you have an outstanding loan balance on your 401K? I do want my first ROTH IRA and another brokerage account.

    • @genesiscatano
      @genesiscatano 11 місяців тому +1

      They will make you pay it back within 36 hours after you leave your the job.

    • @ianscianablo8507
      @ianscianablo8507 11 місяців тому

      Is that also a taxable event? How much could that cost me tax wise. $(12,000)@@genesiscatano

    • @damondiehl5637
      @damondiehl5637 5 місяців тому

      @@ianscianablo8507It becomes a taxable event if you can't put the money back in the account. Not sure how much tax, but there is probably a penalty, on top of it. Borrowing against your 401k is a bad idea. I did it and got RIF'd out of my job and had to pay the taxes and I think there was a penalty.

  • @Susieq26754
    @Susieq26754 2 роки тому +1

    Roll it over. Invest in diversified stock on your 401k. NOT RISKY HIGH YIELD.

  • @rhaltunen
    @rhaltunen 6 місяців тому

    If you roll over an old 401K into an IRA, do you get to keep the stocks that are in the 401K or does it just transfer over as cash and you lose those stocks?

    • @TyWerks
      @TyWerks 6 місяців тому +1

      I think you can keep those same stocks if they're available in the new plan. Definitely call the new IRA brokerage though and ask

    • @damondiehl5637
      @damondiehl5637 5 місяців тому

      Generally, during the rollover process, whatever investments you have will be sold and cash will be deposited into your new account. You need to discuss this with the managers of your IRA and the administrators of your 401k.

  • @zachbishop3795
    @zachbishop3795 6 місяців тому +1

    She wanted the money now

  • @9lemonlime
    @9lemonlime 2 місяці тому

    Is it free to work with an investment professional?

  • @MARTINELSA1
    @MARTINELSA1 2 роки тому +1

    Scolding. ?

  • @ttu888didfitrhondavigil8
    @ttu888didfitrhondavigil8 2 роки тому +1

    Can you get back to millionaire theme hours?

  • @sohd2283
    @sohd2283 2 роки тому +1

    How long is the process to roll over anyone know? I’m going to leave a job after 6 y and I am looking for a job rn to replace it but I also don’t know what to do with the 401k :(

    • @TheIdontcarewhat
      @TheIdontcarewhat 2 роки тому +2

      Usually takes only a few days if that. I have rolled over a few 401(k) into my IRA. I just log into my IRA brokerage account and initiate a roll over, fill out the form with the info for the existing 401(k) provider and off to the races they go. If you don't have an IRA just go an open one up at reputable online brokerage of your choice and then initiate the rollover.

    • @sohd2283
      @sohd2283 2 роки тому +1

      @@TheIdontcarewhat thank you which would you recommend?

    • @TheIdontcarewhat
      @TheIdontcarewhat 2 роки тому +5

      @@sohd2283 E*Trade or Fidelity are the only ones I have used in the last 20 years and they both have been great so far.

  • @NoCommie
    @NoCommie 11 місяців тому

    Im having an issue, I have a TSP account which is Roth IRA and I think my new job I have out of the military won't accept Roth IRA rollovers to its 401k anyone know if this is true?

    • @damondiehl5637
      @damondiehl5637 5 місяців тому

      The easiest thing to do is leave your assets in your TSP account. However, you need to keep in mind that you will not be able to make additional deposits to your account once you are no longer part of the uniformed services or civil service.
      Advantages: The TSP is a great place to invest for retirement. The TSP is easy to use, and while it doesn’t have many investment choices, the fees are among the lowest you can possibly find - even lower than most popular index funds. You always maintain the option of moving your funds from the TSP at a later date. There are also special tax considerations if you invested in your TSP while deployed to a war zone.
      The TSP has limited investment options. There are only 5 main funds to choose from and a few target funds. You will also not be able to make new contributions or take loans from your old TSP account. Having one more account to keep track of can also be a headache for some people. Not only does it involve more work when balancing your assets, but you also must maintain more paperwork.
      The fees charged to manage the Thrift Savings Plan are probably the lowest you will ever find. Consider leaving your funds in the TSP unless you don’t want to deal with extra paper work or you want more investment options.
      From what I read, it is not uncommon for 4001k admins to allow TSP rollovers into employee 401ks. Ask, the worst they can do is say "no".
      If the answer is no and you still want to get out of the TSP, set up a different Roth IRA and roll it over into the new account. Then you can continue making contributions.

  • @Yorkpowers
    @Yorkpowers Рік тому +1

    fidelity lost my retirement from the stock market... I had $30,000 in my retirement then when my job stitch to fidelity, fidelity placed my money into the stock market and over the pass 5 years I went from $30,000 to just $3,000..... what can I do😰

    • @haiyao1978
      @haiyao1978 Рік тому

      Fidelity cannot be trusted ....

    • @jimhandler1129
      @jimhandler1129 Рік тому +4

      Fidelity cannot just place your money in anything unless you agreed to it. And you didn't lose it unless you withdrew it.

  • @VenusLover17
    @VenusLover17 Рік тому

    Thanks!!

  • @ZacharyBuhler
    @ZacharyBuhler 3 роки тому +8

    ~Roll it to a Roth IRA~ Pay the taxes, you'll do great

    • @alrocky
      @alrocky 2 роки тому

      @@wetwilly420 @ *Wet* $7,000 for limit for direct *_contribution_* limit to Roth IRA. *No limit* for traditional IRA/401(k) *_conversion_* to Roth IRA.

  • @TheDjcarter1966
    @TheDjcarter1966 2 роки тому +2

    30 years and $85k? Wow...I've only invested for 10 years and have about $250k and fell I'm so far behind..

    • @candaceellison7147
      @candaceellison7147 Рік тому +1

      She may not have been a high wage earner.

    • @antonioreyes2692
      @antonioreyes2692 Рік тому +2

      She may also have started her contributions at a later date in addition to her low wage and minimal contribution with NO employer match.

  • @MrT6bill
    @MrT6bill Рік тому

    Hey I agree totally with him on this one! Happening to many I know right now.

  • @JC-sc9rx
    @JC-sc9rx 2 місяці тому

    how can you put 85K in an IRA all in one year without a penalty..is it because its from a 401k?

    • @damondiehl5637
      @damondiehl5637 20 днів тому

      Yes, you can do a "rollover" from a 401k to an IRA. If you roll a Traditional to Traditional or Roth to Roth, it's all pretty simple.
      If you rollover from Traditional to Roth, you create a taxable event, so only do that if you REALLY are sure that is what you want to do.

  • @luisporras916
    @luisporras916 3 роки тому +7

    80k?ive only har a 401k for 5 years and there's 50k in so far

    • @MsMaxinejoy
      @MsMaxinejoy 3 роки тому

      Depends what ur investing in.

    • @exgamer07
      @exgamer07 3 роки тому +2

      Investment options were not as plentiful 30 years ago. First index fund was in 76 I believe.

    • @dw4525
      @dw4525 2 роки тому +2

      Nope, this is what happens when you sleepwalk to retirement.

    • @erickanew
      @erickanew 10 місяців тому

      Most people can't invest almost $800 a month, like yourself.

  • @daishi15
    @daishi15 9 місяців тому

    Only 85,000 after 30 yrs in employment. That’s pathetic

    • @TyWerks
      @TyWerks 6 місяців тому

      some ppl have jobs that don't match , low wages etc

  • @saulgoodman2018
    @saulgoodman2018 3 роки тому +2

    The 1 2 minutes were an information.
    Because of that, that made the call sound scripted.

  • @danngoral1043
    @danngoral1043 3 роки тому +18

    Underwhelming video. Just let Dave investment partners manage your funds for a percentage..... Lol please don't

    • @juliuscaesar5360
      @juliuscaesar5360 3 роки тому +3

      Hahaha right. All you need is the Bogleheads subreddit.

    • @danngoral1043
      @danngoral1043 3 роки тому +1

      @@juliuscaesar5360 agree. 💯%

  • @seangarcia2171
    @seangarcia2171 Рік тому +3

    GET TO THE POINT!!!

  • @99highlights
    @99highlights Рік тому +1

    My wife got laid off due to COVID $7,000 in a 401k. Should she still roll over her 401k or just withdraw with this "crash" coming

    • @jimhandler1129
      @jimhandler1129 Рік тому +2

      I hope you didn't withdraw with this "crash" coming. Ride the wave to make the most money.

  • @AkashPatel0013
    @AkashPatel0013 8 місяців тому

    30 years you only had 85k? Wow

    • @joy2come119
      @joy2come119 6 місяців тому +1

      Everyone keeps shaming her. Atleast she has something. Alot of people her age and younger don't have anything in 401k

  • @yellowtrain3161
    @yellowtrain3161 2 роки тому +1

    There is one question that I have never been able to get the answer to regarding 401k to IRA roll overs. Are 401k roll overs to IRA “in-kind”? The funds in my 401k are not available on the open market….so if I do a roll over, this would mean I would lose my cost basis as I roll into a new fund. If I can’t roll the funds in-kind then it just doesn’t make a ton of sense.

    • @alrocky
      @alrocky 2 роки тому +1

      Traditional 401(k) cost basis is moot since withdrawal are treated as ordinary income.

    • @maurice2014
      @maurice2014 Рік тому

      No sir, YOU dont make any sense. Cost basis isnt a factor in that

  • @DissidentClipper
    @DissidentClipper 3 роки тому +8

    Sell it and buy a vehicle

  • @lingofearth2786
    @lingofearth2786 3 місяці тому

    Im completely distracted by how white his hands are compared to his arms..

  • @evancudaback-siou3463
    @evancudaback-siou3463 Рік тому

    Don't you always have to pay taxes on the amount you rollover from a 401k to a Roth IRA?

    • @joy2come119
      @joy2come119 6 місяців тому +1

      I was told you couldn't roll a standard 401k to a Roth ira.. you can however roll a 401k Roth to a Roth ira and a regular 401k to a traditional ira

    • @damondiehl5637
      @damondiehl5637 5 місяців тому

      Traditional to Traditional, there are no taxes.
      Roth to Roth, there are no taxes.
      Traditional to Roth is a conversion, which creates a taxable event. The government wants their taxes when you withdraw from a Traditional account, period.

  • @Project-Masculinity
    @Project-Masculinity 2 роки тому

    If she were British I’d say open a S.I.P.P. With vanguard 🇬🇧

  • @miketheyunggod2534
    @miketheyunggod2534 Рік тому +2

    401K is a scam. The average balance on it at retirement is between $70K-$90K.

    • @DanielGutierrez-zu9fv
      @DanielGutierrez-zu9fv Рік тому +1

      I have a 401k for 3 years, Im at 55K, just how little are you putting in?

    • @jimhandler1129
      @jimhandler1129 Рік тому

      I max it out every year. This year it is 30K

    • @damondiehl5637
      @damondiehl5637 5 місяців тому

      401k is just an account to hold your investments. How much is in it depends on the plan you choose and how much you contribute. It is not good or bad in and of itself. Some administrators don't offer very good plans, but it is common to have retirement target date funds and at least a fund that mimics the S&P500.

  • @bernardoreynoso8073
    @bernardoreynoso8073 4 місяці тому

    If you can stomach the taxes and take the lump sum you can put it in a Life Insurance policy that grows tax free and you never have to worry about higher taxes in the future and you can use it as supplemental retirement fund income. “If you can stomach the taxes”

  • @Spawny500
    @Spawny500 7 місяців тому

    These guys shouldn't be giving any investment advice. There are other options to a rollover that could be cheaper. She can leave it if she has the option. She can also possibly move the 401k to her new employer. Never give advice to someone when you don't know their situation.

  • @jphickory522
    @jphickory522 2 роки тому

    A sweet lady

  • @MrAribrennan
    @MrAribrennan 8 місяців тому +2

    not very informative, too many personal questions to the interviewee

  • @kylemclaughlin8858
    @kylemclaughlin8858 Рік тому +1

    Terrible explanation Dave lol

  • @e-spy
    @e-spy 2 роки тому +1

    OMG, can you BE more condescending?

  • @m1a1abrams3
    @m1a1abrams3 3 роки тому +8

    take all that money and invest it into the newest trend. bitcoin is a good 1

    • @saulgoodman2018
      @saulgoodman2018 3 роки тому +4

      no

    • @luisquinones6998
      @luisquinones6998 3 роки тому +1

      No #2

    • @jamesnorth8274
      @jamesnorth8274 3 роки тому

      For legal reasons this is not advice but I can tell you what I do.
      People should only buy a house to live in when their assets can pay for it by providing enough cash flow to the point that your buying a primary residents doesn't even impact you financially. Other wise they should just rent.
      Never buy mutual funds because the expense ratio is to high, plus there are many additional fees. mutual funds have been shown to under perform overtime.
      People should just stick to ETF'S, listed investment companies and value invest in single stocks only buy EFT'S when you aren't sure what to buy, if you want real estate invest in commercial real-estate in a limited company that has 50 percent debt on each of the properties that you buy. This should be where 99 percent of your money goes I would stay away from office buildings due to the lockdowns. I am personally a stock guy so my money is in the share market, but if you want real-estate you can. Also don't sell your properties because of the fact you will pay company tax. Although you don't get the capital gains tax benefit you are protected from law suits and you are not liable for the debt on your real-estate. You can also start a limited business with that money if you wish to.
      With the other 1 percent your cash flow, being in both gold and silver both being 0.5 percent of your cash flow in invested each.
      only hold on the cash for a maximum of 1 year and make sure that it's only for saving up to buy a cheap asset also make sure this cash is in hybrid bonds and not the bank only hybrid bonds no other types of bonds.
      only have what you need in the bank to cover the next week of expenses.
      For legal purposes this is not advice.

    • @alinatamashevich3354
      @alinatamashevich3354 3 роки тому

      @@jamesnorth8274 TLDR

    • @saulgoodman2018
      @saulgoodman2018 3 роки тому

      @@jamesnorth8274 And don't go to you for grammar advice either.

  • @mrcodcommando3939
    @mrcodcommando3939 2 місяці тому

    Lol dave ramsey employees seem like a cult talking like him and his advice is so common sense

  • @12369ja
    @12369ja 3 місяці тому

    I one time left a job, and didn’t think about the 401k, and they ended up sending me a check years later and I ended up having to pay the penalties for early withdraw.

  • @mikelaba8985
    @mikelaba8985 Рік тому +2

    Instead of spending all that money I'm fees with smartvestor pro. Just use fidelity go. First 25k is fee free. Everything after that is at a low low fee of just .25 %

  • @queenidowu13
    @queenidowu13 8 місяців тому +9

    I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for...

    • @Delilah-Liliana
      @Delilah-Liliana 8 місяців тому +1

      I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes...

    • @queenidowu13
      @queenidowu13 8 місяців тому

      @@Delilah-Liliana That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well