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The Stacking Benjamins Show

Mastering Rollovers: Strategies for a Smooth Transition of Retirement Funds

The Stacking Benjamins Show

Joe Saul-Sehy | Cumulus Podcast Network

Investing, Business, Self-improvement, Education

4.21.9K Ratings

🗓️ 23 June 2023

⏱️ 71 minutes

🧾️ Download transcript

Summary

Do you have assets in a previous employer's retirement plan? Would it be easier to consolidate all your retirement assets into one place? Today we're all about rollovers: what they are, how they work, and why you should care. We welcome Dana Anspach, CFP, the force behind Sensible Money, a financial planning service focused on clients who are nearing/in retirement, to help make sense of what rollovers are and if it makes sense to do one. Joining Dana is, Paula Pant, who has more knowledge about rollovers than pop culture, as well as our in-house CFP, OG. Dana also shares some of her experiences about rollover horror stories - and what steps you can take to avoid mistakes - and the potential tax consequences that may ensue. Paula chimes in with her experiences and thoughts on the rollover process, and OG imparts his wisdom on what scenarios may make for a more difficult rollover process. Doug brings the heat with some fast-paced this-day-in-history travel-themed trivia. FULL SHOW NOTES: https://www.stackingbenjamins.com/friday-roundtable-401k-rollovers-1373-2 Deeper dives with curated links, topics, and discussions are in our newsletter, The 201, available at https://www.StackingBenjamins.com/201 Enjoy! Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

Ignition sequence start. 6, 5, 4, 3, 2, 1, 0. All engine running. Lift off.

0:18.0

Live for Joe's mom's basement. It's The Stacking Benjamin Show.

0:31.0

I'm Joe's mom's neighbor, Doug, and buckle your seat belts because we're rolling 401Ks with the pros.

0:40.0

How does a rollover work? Why would you do one? Why wouldn't you? Either way, how should you invest the money?

0:47.0

To help you know when to roll and when to hold, we welcome the woman behind sensible money, CFP Dana Onspot.

0:55.0

And the woman who's way more comfortable with rollovers than she is with pop culture, afford anything, pull a pant.

1:03.0

And rounding out our panel, it's a resident 401k expert, and CFP OG.

1:09.0

But that's not all. Halfway through the show, you'll hear our contributors try to outwit each other as they take on my traversing trivia question.

1:18.0

Head now, a guy who's never met a rollover conversation he didn't like, hits Joe. Oh, so I'll see high.

1:30.0

Hey Doug, you know what? I was thinking about that. Rollover conversation, I think you're right. Turnover conversations.

1:37.0

Like the cherry turnover where the cherries are all like tart and sweet, but an apple turnover is a good one.

1:45.0

Apple turnover is a fine dessert. Fantastic, but unfortunately we're not there that that's what you talk about at the bar.

1:52.0

That is a bar night with Joe gets incredibly exciting. Absolutely. Hey everybody, welcome to let's turn this into a food podcast instead of money.

2:02.0

I am Joe Salci, I average Joe money on Twitter and we have as you heard Doug so eloquently say an all star lineup.

2:09.0

And let's start with a guy across the card table from me, Mr. OG is here. How are you today, my friend?

2:14.0

It's another Friday. So let's do it. It is what a great way to go into the weekend, thinking about maybe getting that 401k money in the right place.

2:22.0

And from Manhattan, the woman who she's not on a Netflix special. She's here with us.

2:28.0

Paula Pant is here. How are you? I am great, but you know, I have a question. Is an apple turnover or a cherry turnover?

2:36.0

Any of those dessert turnovers? Is that the same thing as like a personal pie, like kind of like what they used to sell at McDonald's?

2:44.0

Like the, you know, you know what I'm talking about? Is that what that is?

2:49.0

I may or may not have eaten at McDonald's at the airport this morning. And they actually asked me, Paul, if I wanted to add an apple pie with that.

2:56.0

I wanted to like add on. So apparently they still have a turnover. What is a turnover then? Come on.

...

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