What Do I Do With My Old Retirement Account?

Ramsey Everyday Millionaires

Ramsey Network

Careers, Investing, Business

4.6 • 3.6K Ratings

🗓️ 18 July 2022

⏱️ 2 minutes

🔗️ Recording | iTunes | RSS

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Summary

Listen to how ordinary people built extraordinary wealth - and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Rachel Cruze, John Delony, and George Kamel.

Transcript

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0:00.0	You're listening to Ramsey everyday millionaires where we talk retirement, building wealth,
0:10.5	and outrageous generosity.
0:14.0	Jennifer is with us in Dallas, Texas.
0:16.9	Hi Jennifer, welcome to the Ramsey show.
0:18.9	Hi Dave, hi George, pleasure to speak with both of you.
0:22.2	You too, what's up?
0:23.2	Hi, so I have an IRA that was from a past job.
0:27.5	I rolled over into its own account.
0:30.1	So my question is should I move that money into my 401k where I'm currently investing
0:35.7	and putting my 15% or leave it in that separate IRA account?
0:40.2	I would just leave it in that IRA account.
0:42.5	Okay, okay, even though no money is going into it.
0:46.0	Correct, but it is sitting there in good mutual funds, correct?
0:49.3	Yes it is.
0:50.3	Okay, if it's in good mutual funds I would just leave it alone.
0:53.7	You've got more control over there.
0:55.8	We never recommend you move old IRA money into new, our old 401k money into new 401k's
1:03.3	instead put it out in an individual retirement account.
1:06.6	You can pick the same mutual funds if you want or better ones and you've got better access
1:10.9	and better control and it will grow at exactly the same rate or a better rate than it would
1:16.2	if you moved it inside the 401k.
1:18.8	George is exactly right.
	...

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