Is a Simple 401k Mistake Costing You Millions? (SB1555)
The Stacking Benjamins Show
Joe Saul-Sehy and Josh ‘OG’ Bannerman, CFP
4.4 • 2K Ratings
🗓️ 5 August 2024
⏱️ 56 minutes
🧾️ Download transcript
Summary
You've played the game by the rules...moving your money from a 401k to an IRA when you change jobs (which happens in the USA far more often than you'd think). But are you forgetting a "step two" that could cost you over a million dollars? A recent Wall Street Journal piece says that you may be making a HUGE mistake. Today we'll break down where people are getting it wrong so that YOU aren't stuck with a much smaller retirement nest egg than you'd hoped or expected.
We also take a question from a Stacker who's accepted a "job" that pays her as a 1099 "employee." How does she make sure she doesn't owe too much in taxes at the end of the year? In general, how should she set up her money now that she's going to be responsible not just for taxes, but for her own benefits and more? We'll help her (and maybe you, if you ever decide to start your own business or side hustle) take control of her money so that she's in great shape come tax time and beyond.
Of course, we also share Doug's amazing trivia question AND a TikTok minute that might mess with Doug's brain.... (not too difficult, really).
FULL SHOW NOTES: https://stackingbenjamins.com/401k-rollover-mistakes-to-avoid-1555
Deeper dives with curated links, topics, and discussions are in our newsletter, The 201, available at https://www.stackingbenjamins.com/201
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Transcript
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| 0:00.0 | Doug, where's OG? |
| 0:01.6 | Is he still in bed? |
| 0:03.0 | He was supposed to be sitting right here at the table and he's not here. |
| 0:06.5 | Is he on the road again? |
| 0:08.3 | What's up with the video screen? |
| 0:10.2 | Can I call in? |
| 0:12.1 | Are you in an undisclosed location, dude? |
| 0:14.3 | Where are you? |
| 0:15.6 | Oh, no. |
| 0:16.2 | I'm very disclosed. |
| 0:17.3 | I think he actually traveled in 1977. |
| 0:20.2 | He did. 1977 wants their traveled to 1977. He did. |
| 0:21.5 | 1997 wants their panelling back. |
| 0:23.7 | 1975 called. They want their panelling back. |
| 0:26.1 | For those not watching us on YouTube, he's got a nice |
| 0:28.3 | Thomas Kincaid pastoral. |
| 0:30.6 | That's not even a Thomas Kincaid. That is a |
| 0:32.5 | no. That's a person pretending to |
| 0:34.5 | want to be Thomas Kincaid. I think |
| 0:36.5 | Thomas Kincaid was a student of that guy. |
| 0:41.2 | That's genuine imitation maple paneling. It's fantastic. There's definitely no insulation to worry |
| 0:49.2 | about between here and the outside between these walls, though. Don't need it like you do here in |
... |
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