1164: Questions To Ask Before You Rollover Your 401k by Art of Flex Cents on Retirement Account Advice & Changing Jobs

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🗓️ 17 May 2020

⏱️ 11 minutes

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Summary

Art of Flex Cents shares questions to ask before you rollover your 401k. Episode 1164: Questions To Ask Before You Rollover Your 401k by Art of Flex Cents on Retirement Account Advice & Changing Jobs Art is a physical therapist who is not only passionate about health and physical fitness, but also developed a passion for all things personal finance. It all started when his wife and him were thinking about moving out of their parents’ homes and began looking at houses to buy. Knowing that there are others who have reached financial independence changed the outlook of their lives for the better. He couldn’t contain his excitement and created Flexcents as a way to share it with as many people as possible. Both his wife and him are now striving towards financial independence and are creating a life they cannot wait to live each day. The original post is located here: https://www.flexcents.com/questions-to-ask-before-you-rollover-your-401k/ Visit Me Online at OLDPodcast.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is optimal finance daily episode 1164.
0:03.6	Questions to ask before you roll over your 401k by art of FlexSense.com.
0:10.4	And I'm Dan, I am your host here on optimal finance daily. Welcome back or welcome for the first time if you're just discovering us.
0:16.5	This is where I read to you from some of the best personal finance blogs on the planet.
0:20.5	And before we get into our post for today, have you subscribed to our other four podcasts?
0:25.6	We cover personal development and minimalism, health, relationships, and advice on those other
0:30.7	four shows.
0:32.0	So just search for optimal living daily wherever you're
0:34.4	hearing this to find them. But for now let's get right to today's post as we
0:38.6	optimize your life.
0:42.4	Questions. Questions to ask before you roll over your 401k by art of FlexSense.
0:51.0	Rolling over your 401k is only allowed when you leave your employer.
0:55.0	That being said, sooner or later you're bound to leave your employer and you'll need to make a decision on what to do with your 401k plan.
1:02.0	This also applies to other tax-deferred accounts,
1:04.9	including thrift savings plans, TSPs, 403b's, and 457s. Your options are to, one, cash leave it alone three roll it over to an
1:16.4	IRA four roll it over to your new employer's retirement plan or five roll it over to a
1:22.2	solo 401k if you are a small business owner.
1:25.0	For most people, it's a good idea to roll over your 401k elsewhere unless your cost-benefit
1:30.5	analysis says otherwise. This is because it often reduces costs and
1:34.6	simplifies your investments. As with most important matters, you need to keep in mind a
1:39.0	few considerations before making this decision. What are your 401k plans administrative fees?
1:44.7	These are typically management fees associated with your 401k. Most people don't
	...

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