What is best option to rollover 401k after change of jobs
Thread created 05-12-2019 by stubbornboy
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For those that do a "backdoor ira" (have to keep TIRA balances at $0 every year), can you still rollover a 401k to a TIRA? I think not .. right?
What is best option to rollover 401k after change of jobs
Thread created 05-12-2019 by stubbornboy
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13 Replies
1,772 Views
If it makes any difference, bill is going through the motion in DC to increase minimum age from 70.5 to 72 for RMD.
As for converting, its up to OP. If he believes he will be in a higher bracket...
What is best option to rollover 401k after change of jobs
Thread created 05-12-2019 by stubbornboy
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13 Replies
1,772 Views
Depends on what's important, if you live in a super high tax state like criminalfornia you'd want to keep putting money in pre-tax so your taxable gross goes down, between 3 accounts I put in 3k a...
What is best option to rollover 401k after change of jobs
Thread created 05-12-2019 by stubbornboy
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13 Replies
1,772 Views
I've been holding my tongue on this. I calculated my elderly parents could receive an additional pre-tax income of around $15k over their Social Security per year without having to pay any income...
What is best option to rollover 401k after change of jobs
Thread created 05-12-2019 by stubbornboy
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So what is driving everyone to tell OP to eat taxes on the rollover (to Roth) - the value of the 401k? e.g. if it were more, would you all still be chanting Roth?
What is best option to rollover 401k after change of jobs
Thread created 05-12-2019 by stubbornboy
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13 Replies
1,772 Views
Transfer broker = fees
What is best option to rollover 401k after change of jobs
Thread created 05-12-2019 by stubbornboy
0 Score
13 Replies
1,772 Views
I would keep it simple and transfer it over to a traditional IRA. Maybe later, you can decide if you want to convert to a Roth. But just note that when you do conversion, the tax return will...
What is best option to rollover 401k after change of jobs
Thread created 05-12-2019 by stubbornboy
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13 Replies
1,772 Views
hmm this is so complex. Looks like I may not be able to do a backdoor Roth (401k -> Traditional IRA -> Roth IRA) because we file taxes joint and my spouse has a Traditional IRA (which she opened...
What is best option to rollover 401k after change of jobs
Thread created 05-12-2019 by stubbornboy
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13 Replies
1,772 Views
I would always go with roth now if you think the marginal income tax rate at the time when you withdraw will be higher than what it is right now.
My goal is to have lots of passive income to...
What is best option to rollover 401k after change of jobs
Thread created 05-12-2019 by stubbornboy
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13 Replies
1,772 Views
Thanks. IRA or Roth IRA? if going Roth, I'd be taxed for the entire amount as soon as I convert right?
What is best option to rollover 401k after change of jobs
Thread created 05-12-2019 by stubbornboy
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13 Replies
1,772 Views
Thanks. Looks like Ally has low fees for stock/ETF trades, but not many funds. Might be good only if I invest actively. eTrade seems to have gotten better based on reviews, but then I'm not sure how...
What is best option to rollover 401k after change of jobs
Thread created 05-12-2019 by stubbornboy
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13 Replies
1,772 Views
Definitely roll it over into an IRA at a brokerage. You will have access to virtually any and all mutual funds, ETFs, and individual stocks. Most 401k plans have a very limited selection of funds...
What is best option to rollover 401k after change of jobs
Thread created 05-12-2019 by stubbornboy
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13 Replies
1,772 Views
The best option is roll the 401k from previous employer over to a Roth IRA account. This way you eliminate the admin fees of the 401k, no tax liability in growth and withdraw later, no need to worry...
What is best option to rollover 401k after change of jobs
Thread created 05-12-2019 by stubbornboy
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13 Replies
1,772 Views
Current 401k is with Fidelity and has only about $35k
New employer's 401k also is with Fidelity
I'll probably park the money in some funds and do limited individual stock trades rarely.
What is...