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Episode 1325:
Kevin Ha from Financial Panther dives into the critical decisions around managing your old 401k plans when changing jobs. He explores the importance of simplicity, the impact of administrative fees, Backdoor Roth eligibility, and any special characteristics of your old retirement plans. With practical insights and personal decisions, Kevin's guide is invaluable for anyone navigating their retirement savings amid career transitions.
Read along with the original article(s) here: https://financialpanther.com/what-to-do-with-your-401k-when-you-change-jobs/
Quotes to ponder:
"Simplicity is key when managing retirement accounts; consolidating funds can make it easier to track your savings."
"Understanding administrative fees is crucial; they can erode your retirement savings, especially if you have multiple accounts with fixed fees."
"The special characteristics of plans like the 457 can offer unique benefits, such as penalty-free withdrawals, which are worth considering before rolling over funds."
Episode references:
The Power of Now: https://www.amazon.com/Power-Now-Guide-Spiritual-Enlightenment/dp/1577314808
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