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What’s my best option with a spouses 401k from old employer?
Posted on 8/4/22 at 9:29 am
Posted on 8/4/22 at 9:29 am
Her new employer doesn’t offer one for part time employees. She has a decent chunk of change in there. Where should I put it to avoid any tax implications and incorporate it into our retirement savings? IRA of some kind?
4
Posted on 8/4/22 at 9:37 am to JumpingTheShark
Depending on your situation, you could do what is call a Roth IRA roll over. You would have a taxable event but you would be able to put it all in a Roth IRA. If you have a lopsided amount of your retirement savings in 401Ks it may make sense to balance it out with this option.
Here is a link with some basics: Investopedia LINK
Here is a link with some basics: Investopedia LINK
Posted on 8/4/22 at 9:41 am to JumpingTheShark
quote:
She has a decent chunk of change in there
I'd probably just keep it there or roll it over to a traditional IRA, depending on how much it is because you'll have a taxable event if you roll it over to a Roth IRA. Do you want to pay a bunch of taxes on it? If you feel like your retirement income will be more than it is today, maybe bite the bullet and give up a chunk to taxes but if you think your retirement income will be less than what it is today, I'd probably just keep it there or put it in a traditional IRA.
I'm no tax advisor and only know the surface of these things so there are probably things I'm not thinking about here.
Posted on 8/4/22 at 10:24 am to JumpingTheShark
you'll need to do some research on her old 401k. What are the investment options? What are the fees/costs? Many times, there are fees that company was paying that are now just pulled from the account when someone leaves.
Assuming the 401k has typical poor investment choices, rolling it over into an IRA is likely the best option. If you dont consider yourself investment savvy, use one of the zero cost robo investor IRAs out there.
Assuming the 401k has typical poor investment choices, rolling it over into an IRA is likely the best option. If you dont consider yourself investment savvy, use one of the zero cost robo investor IRAs out there.
Posted on 8/4/22 at 10:37 am to JumpingTheShark
Rollover to traditional ira
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