Retirement Rollover Ready? Rules, Risks, and Rewards of 401k and IRA Transfers

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 4 November 2024

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Learn the pros, cons, and methods of rolling over retirement accounts to simplify your finances so you can avoid costly mistakes. How can you budget smarter for the holidays? Does it make sense to combine retirement accounts from previous jobs into one? What are the benefits and drawbacks of different rollover options? Hosts Elizabeth Ayoola and Sara Rathner begin the episode with a discussion of holiday budgeting, offering tips and tricks on avoiding impulsive spending, setting clear financial priorities, and the importance of delayed gratification. Then, hosts Sean Pyles and Sara Rathner discuss retirement account rollovers and key considerations to help you streamline your retirement savings and avoid penalties. They begin with a discussion of rollover basics, with tips on direct vs. indirect rollovers, how to avoid unexpected costs, and how to choose between an IRA and a Roth IRA. Credit Card Nerd Jae Bratton joins Sean and Sara to discuss her own experiences with retirement rollovers. They discuss the pros of consolidating accounts, the financial security it can offer, and how to choose the right investment options to suit your retirement goals. Interested in consolidating your old retirement accounts? Our investing writers broke down the best IRA accounts for hands-on or hands-off investors: https://www.nerdwallet.com/best/investing/ira-accounts And the best Roth IRA accounts categorized by online brokers or robo-advisors: https://www.nerdwallet.com/best/investing/roth-ira-accounts In their conversation, the Nerds discuss: holiday budgeting, retirement rollovers, financial management, impulsive online shopping, retirement account rollovers, direct rollovers, indirect rollover, IRS penalties, Roth 401k, Roth IRA, 403b, traditional IRA, tax compatibility, retirement savings, financial priorities, budgeting tips, holiday spending mistakes, investment flexibility, IRA options, consolidating accounts, retirement planning, contribution limits, managing finances, budgeting strategies, simplifying retirement accounts, retirement account consolidation, and financial goals. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	Ready to launch your business? Get started with the commerce platform made for entrepreneurs.
0:04.8	Shopify is specially designed to help you start, run and grow your business with easy customizable themes that let you build your brand.
0:12.4	Marketing tools that get your products out there. Integrated shipping solutions that actually save you time.
0:17.4	From startups to scaleups, online, in person and on the go shopify is made for entrepreneurs
0:23.3	like you sign up for your one dollar a month trial at shopify dot com slash setup who hit fast forward
0:31.6	on 24 like how are we in november already sarah am i alone in feeling like this year was on turbospeed?
0:38.5	You're not.
0:39.1	I still think 1975 was 20 years ago.
0:41.9	I like the end of the year for two reasons.
0:44.0	Now, one, I'm a self-reflective journaling chick,
0:47.0	and I enjoy doing my year-in-review exercises.
0:50.2	And for two, I'm a December baby.
0:52.4	Shout out to all my Sagittarius is.
0:54.8	But anyway, we're going to be delving more into the former today.
1:03.2	Welcome to NerdWallet Smart Money Podcast.
1:05.8	I'm Elizabeth Ayola.
1:07.9	And I'm Sarah Rathner.
1:09.0	And for the record, I do not journal.
1:11.5	We got to talk about that more later.
1:13.6	I know.
1:14.1	All right.
1:14.8	This episode, we answer a listener's question about combining retirement accounts from
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from NerdWallet Personal Finance, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of NerdWallet Personal Finance and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.