BONUS call: Retirement Planning

Jill on Money with Jill Schlesinger

Audacy

Self-improvement, Education, Business, Investing

4.6 • 1.9K Ratings

🗓️ 27 June 2017

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

We love starting them young on Better Off, and that's certainly the case with Kevin from Maryland, our latest BONUS call. Kevin, just 23 years old, want's to make sure he has all his finances in order before starting medical school later this summer. His main question is what he should do with an old 401(k) plan. What criteria should he consider before rolling it over? Can he do it on his own or does he need a financial planner? All very good and common questions that will likely apply to some of you listening. Have a finance question? We want to hear from you! Email us at askjill@betteroffpodcast.com and we'll arrange to get you on. Don't forget, a brand new episode of the Better Off podcast comes out Thursday so stay tuned for more listener questions plus an informative interview. Better Off is sponsored by Betterment. Please let us know what you think by leaving a rating or review in iTunes. Connect with me at these places for all my content: http://www.jillonmoney.com/ https://twitter.com/jillonmoney https://www.facebook.com/JillonMoney https://www.instagram.com/jillonmoney/ https://www.youtube.com/c/JillSchlesinger https://www.linkedin.com/in/jillonmoney/ https://soundcloud.com/jill-schlesinger http://www.stitcher.com/podcast/jill-on-money http://betteroffpodcast.com/ https://itunes.apple.com/us/podcast/better-off-jill-schlesinger/id431167790?mt=2

Transcript

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0:00.0	Welcome to the Better Off bonus call of the week. Yep, this is when we get to answer your questions. If you'd like to get on the air, just send us an email. Ask Jill at Betteroffpodcast.com and we'll arrange it. Remember, we've got the bonus call every Tuesday. And then on Thursdays, we drop the big show, and even on that show, we have some of your
0:21.9	listener questions, so two chances every week to get on the air. Again, just send us an email,
0:26.9	askjill at betteroffpodcast.com. Okay, here we have Mr. Kevin. He's from Maryland. Kevin,
0:34.1	welcome to Better Off. What can I do for you? Hi, Jill. Thanks. So I'm right now a federal contractor, but by leaving that job to go to medical school.
0:44.7	And I have a couple of questions in terms of rolling over my 401K.
0:50.0	Okay.
0:50.9	So I hope to, I plan to roll it over into some kind of IRA into some kind of company
0:58.0	and contribute another 5,500 to the IRA this year.
1:03.5	Okay.
1:04.0	And then invest it all in some medium risk tier investments and let it go autopilot for the next four years.
1:12.0	Nice.
1:12.7	And so my questions are, you know, what kind of IRA?
1:17.4	What kind of company or criteria is of I should be considering while choosing a company?
1:24.4	Do I need a financial planner for figuring out the nitty-gritty stuff or could I do it myself?
1:30.3	Okay. First, a little bit more information. How old are you?
1:34.3	23.
1:35.3	23? So young. Fantastic. And how much are you earning now before medical school?
1:43.3	So I earn about 45,000 per year. Okay, great. And how much money
1:50.0	is in the 401k right now? Around 17K. Okay. Great. And how are you going to pay for medical school,
2:00.6	by the way? So I'm very lucky to have
2:04.7	very hardworking parents who's going to foot the bill. Oh, God, I love your parents. All right. So let's
2:10.6	get, let's go back. So you're 23. You're going to medical school. Chances are you are going to
	...

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