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 Opinions expressed herein are solely those of Martin Wealth Solutions, unless otherwise specifically cited. Material presented is believed to be from reliable sources, but no representations are made by our firm as to another parties’ informational accuracy or completeness. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that any statements, opinions or forecasts provided herein will prove to be correct. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation. Past performance may not be indicative of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. Securities investing involves risk, including the potential for loss of principal. There is no assurance that any investment plan or strategy will be successful.
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