#110 - Pros and cons of rolling over employer plans [like a 401(k)] to an IRA

Retirement Planning Education, with Andy Panko

Andy Panko

Annuities, Taxes, Ira, Retirement Planning, Social Security, Roth Ira, 401k, Pension, Investing, Financial Planning, Roth Conversion, Tax Planning, Education

2.4 • 671 Ratings

🗓️ 1 August 2024

⏱️ 65 minutes

🔗️ Recording | iTunes | RSS

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Summary

Andy summarizes the pros and cons of rolling over an employer plan (such as a 401(k), 403(b), 401(a), 457 or the federal Thrift Savings Plan) to an IRA or Roth IRA. To sum up: Potential PROS of rolling over an employer plan to an IRA or Roth IRA: More investment optionsLikely lower fees and costsAccess to professional adviceBetter control over tax withholdingsMore withdrawal optionsLess Required Minimum Distributions ("RMDs") to manageLess financial clutter Potential CONS of rolling over an ...

Transcript

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0:00.0	Let's talk about the pros and cons of rolling over an employer plan like a 401k to an IRA in this the 110th episode of the Retirement Planning Education Podcast.
0:13.0	Welcome to the Retirement Planning Education Podcast, where you can learn all about IRAs and Roth IRAs, employer retirement plans, taxes, social security,
0:22.6	Medicare, portfolio withdrawal strategies, annuities, estate planning, and much more.
0:27.8	And now here's your host, Andy Panko.
0:30.5	Hello, everybody. Welcome back. Thank you as well as for listening. I'm glad you're
0:35.2	here. Today is a good one. This is one I talked about in the
0:39.1	past in one of the very first episodes of the show, but I figured that's been a couple years ago,
0:43.5	and a lot of you probably don't dig back that deep into the archives, especially those who
0:47.3	weren't listening from day one. And it is a super common and important topic. This one, we're talking about whether or not to roll over
0:57.4	your employer plan like a 401k, 433B, et cetera, to an IRA, Roth IRA, what have you.
1:05.0	So I'm going to do it now. And my goal with this is to make it the most thorough and exhaustive list of pros and cons to roll over as reasonably possible.
1:16.6	Now I'm not saying this will cover absolutely every single scenario, but I put a lot of time into this, and I'm fairly confident saying this covers, for the vast majority of you listen, it should cover all of the considerations
1:28.0	you might need to give, not to say there can't be some other little one-off weirdo things
1:32.1	here and there, but they should do it. Also, for what it's worth, this, if you want to read
1:37.9	this as opposed to listen to this, this topic is also the August newsletter for my advisory
1:44.1	firm. You can find a link to that in the
1:46.0	notes of the show. If you're not yet subscribed to that, you probably should because it really
1:48.9	is that good. It comes out every month by email, 7 a.m. Eastern, first of the month, plop right
1:54.3	into your email inbox. And I also repurpose it, that exact same write up as as a blog on the Retirement Planning Education.com
2:02.9	website. So you can read it there. Now, I'm not that fancy with that website. I don't have a way,
2:08.3	or at least I didn't start away, to gather emails and send out like a distribution list. So the
2:14.3	blog there, you have to consciously go to if you want to read it,
	...

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