Should You Rollover Your 401(k) to Hit $100K Faster? (Here’s the Truth!)

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I hear about the milestone of your first $100k. Does it make sense to do an in-service rollover with my current 401(k), so that I have a larger pool of money in my IRA to benefit from compounding?
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3 окт 2024

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Комментарии : 50

@Random-ld6wg День назад

one advantage to keeping a 401K over an IRA is protection from creditors in a lawsuit. particarly important if the umbrella policy you have is not enough to protect all your assets( i was told max i could have is 2M coverage since i have a child less than 25) so i kept a large 401K in place.

@duanes2000 День назад

Many 401(k) plans will allow you to roll over any money you had rolled into the current employer account. Any money you contributed or current employer has matched/contributed will not be eligible until you leave the company. I just did this due to high fees in the plan. I was able to roll over to a no fee IRA.

@hunnybunny4306 21 час назад

I kept my old 401k instead of rolling it over to an IRA or my new 401k for several reasons: better creditor protection from lawsuits compared to an IRA, good funds with the lowest fees because I have very low cost institutional shares of diversified index funds, and to maintain the possibility of the rule of 55 and backdoor Roth IRA.

@djpuplex День назад

I don't understand the question $100k invested is $100k invested.

@Thewhynotpodcastteddyd День назад

I think I got what they were saying. They assumed the boiling point doesn’t come until it’s all in 1 pot. Then I started listening to The Money Guy show and understood the point 😂

@NellyBlueee День назад

They like a lot of co workers in have talked to think that say 100K invested the return is more money rather than having 5 $20K accounts. When in reality if invested the same the 5 accounts will make the same as a 100k account

@rebeltheharem7028 16 часов назад

If its not because of a tax advantage, it looks like they are doing it because they want to see a bigger number, and they don't understand that the concept of the boiling point is 100K total invested, not singular. I don't really see the point in doing this, "just for a bigger number", if the new (?) account doesn't have better "funds" or lower fees. It seems like a basic misconception about the idea of the "snow ball" point. Though if they just want to see a bigger number, and both accounts are the same in feels and offers, then I don't see why not, though the benefits of an IRA isn't as good as a 401k.

@MichaelSmith-fj7di День назад

Unless you need to use the Rule of 55, always roll over any 401(k) money into an IRA when you leave a company. The reason for this is twofold. 1: 401(k) plans have higher fees and fewer investment options compared to IRAs. 2: You might forget about that account come many years or several decades when you retire.

@MrEscape314 День назад

Better answer than the video.

@desiv1170 День назад

The "You might forget about that account" bit confuses me. I know it happens, but... Really? I mean, I suppose if the account had almost nothing in it, then maybe... But I can't imagine just forgetting about thousands of dollars...

@MichaelSmith-fj7di День назад

@@desiv1170The Secure Act 2.0 requires the Department of Labor to create an online database to help people locate their retirement accounts. A May 2023 estimate puts the amount of assets in forgotten 401(k) accounts at $1,650,000,000,000.

@jonasking3670 День назад

@@desiv1170 not everyone is playing with a full deck of cards.

@silentnot4812 День назад

You have certain additional protections in a 401k that you may not have in an IRA. Need to be aware of this. You may be better to just roll it into the new employer’s plan if an option.

@rickybobby9885 День назад

The person who asked the question doesn't fundamentally understand how compound interest works. You could have $100k in 1 account or you could have 100k accounts with $1 invested. If its all invested in the same thing, they come out the same

@Michael-jc8nq День назад

Exactly correct. Anyone with a calculator or simple math numbers can see this.

@BrianAnother 19 часов назад

Love the show and your sound has gotten better. You fixed the echo, but it’s still really hard to listen to with all the extra table noise coming through.

@LaillaBelgrade 7 часов назад

You spoil us Brian! I've digested a plethora of personal finance oriented channels here on RU-vid over the years and the only two that I can still stomach are you and Erin. You give the very best and spot on advice and ask thought provoking and unbiased questions that help listeners like myself become better. More importantly, thank you for recommending Abby Joseph Cohen Services my investment portfolio with her has been quite sustaining

@AllenDolt 7 часов назад

Same here, I got to know about Abby Joseph Cohen Services on here in 2020. Since then I've paid off 160,000 USD of debt. Now I'm working on building an emergency fund. I didn't even have a savings account three years ago.

@JulioMangru 7 часов назад

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@JulioMangru 7 часов назад

The very first time we tried, we invested $7000 and after a week, we received $9500. That really helped us a lot to pay up our bills.

@LaillaBelgrade 7 часов назад

Thanks to you Brian. Following your recommendation, I started researching into Abby Joseph Cohen Services. Thankfully it was a little over a year ago now, I started an lnvestment with Abby's Services and that allowed me to be on much MUCH more stable ground in the face of global financial upheaval. So thank you, your channel, and your employees. For what it's worth, it made a difference for me and my little family.

@punisher6659 День назад

Good morning from Missouri

@Waltuh22232 День назад

Checking in from warrensburg

@ArashHildeman День назад

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@GrozaGroza-ko7fn День назад

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@anatolyivan День назад

The very first time we tried, we invested $1000 and after a week, we received $5500. That really helped us a lot to pay up our bills.

@mikesnoek День назад

I'm new at this, please how can I reach her?

@jadewashington7 День назад

I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills

@rodrigok1220 10 часов назад

If you roll it over into your current 401k, does that impact the rule of 55?

@HieouyaAgnèsDoyo День назад

!!!I recently sold some of my long-term position and currently sitting on about 250k, do you think Nvidia is a good buy right now or I have I missed out on a crucial buy period, any good stock recommendation on great performing stocks will be appreciated.

@JoseLopez-lf9rw День назад

I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Adviser Ruth Ann Tsakonas, for her expertise and exposure to different areas of the market.

@SonyaYeva День назад

I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $100k passively by just investing through an advisor, and I don't have to do much work. Inflation or no inflation, my finances remain secure. So I really don't blame people who panic.

@JoseLopez-lf9rw День назад

Without a doubt! Ruth Ann Tsakonas is a trader who goes above and beyond. she has an exceptional skill for analyzing market movements and spotting profitable opportunities. Her strategies are meticulously crafted based on thorough research and years of practical experience.

@HieouyaAgnèsDoyo День назад

nice!! once you hit a big milestone, the next comes easier. How can i reach her, if you don't mind me asking?

@JoseLopez-lf9rw День назад

look up her name on the web for her website.

@nicksaylor3288 День назад

There is no reason to ever keep money in a401k of you don't have to. Over a long period of time the administration fees will take thousands not to mention you get cheaper funds and stocks to invest in

@rickybobby9885 День назад

What admin fees are you referring to

@jonasking3670 День назад

Do you mean actively managed funds? Yes, there is no reason to have an actively managed fund considering their fees and that most of them don’t beat the market.

@nicksaylor3288 День назад

@@jonasking3670 even indexes there are plenty of index funds that are 0.10% or even a little higher. When you can get the zero fee fidelity of the super cheap vanguard.

@nicksaylor3288 День назад

@@rickybobby9885 a 401k plan has a advisor running the funds, the 3rd party administrator, and a custodian to hold the funds in a trust. So they all take a small percentage in a few of assets under management or a flat fee per participant. This is different than the expense ratio for the fund you are invested in