4.6 • 1.8K Ratings
🗓️ 16 September 2020
⏱️ 20 minutes
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0:00.0 | Hello my friends it's great to have you back this week on the Money Girl |
0:09.3 | podcast where my mission is to help you live rich and love the journey. |
0:15.0 | I've been hosting the show since 2008 and I'm also the author of a brand new book called |
0:21.5 | Money Smart Solopreneur, a personal finance system for freelancers, |
0:26.2 | entrepreneurs, and side hustlers that you can pre-order now. One of the most common retirement questions that I receive is what to do with your |
0:37.1 | account when you leave a job. I think knowing your options for managing a retirement plan with an old employer is essential because most |
0:46.1 | people change jobs many times throughout their careers. |
0:49.1 | I've seen statistics like, you know, at least seven times throughout your careers. |
0:53.4 | And of course, millions of Americans remain out of work due to the pandemic and may be struggling |
0:59.2 | with what to do with the account that's sitting with their old employer. |
1:04.0 | Fortunately, when you've got a workplace retirement plan, |
1:08.0 | such as a 401k or a 403b, |
1:11.0 | you can take your vested balance with you when you leave your job and it doesn't matter if you |
1:17.0 | quit, you got fired or downsize, the same rules apply to everyone. |
1:22.4 | And by the way, if you're not familiar with the term |
1:24.1 | vested balance, that is the portion that your employer may have put in due to |
1:29.9 | matching funds or even profit sharing and it typically comes with a schedule so you have to remain |
1:36.2 | employed for a certain amount of time before you own part or all of that portion but the contributions that you put in from your own paycheck |
1:46.0 | are always 100% vested. You can never lose the money that you put in, but if you stay with an employer a very short period of time, |
1:56.1 | you may not be fully vested, meaning you may not be able to take all of the money that |
2:00.8 | they put in on your behalf. |
2:03.2 | In this show, we'll cover five options for managing your retirement account when your employment |
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