What to Do With Old 401(k)?
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 9 April 2022
⏱️ 5 minutes
🧾️ Download transcript
Summary
When you bounce around from job to job, chances are you've got some old retirement plans floating around out there. Should you consolidate? It depends.
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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Transcript
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| 0:00.0 | Welcome to the Jill on Money Show. |
| 0:05.7 | It is Saturday, April 9th, and we are here, even on the weekends, to try to help you make |
| 0:11.6 | really smart, next best financial decisions. |
| 0:15.8 | If you have a question, just go to JillOnMoney.com, click the contact us button. |
| 0:21.6 | You get a form? |
| 0:22.6 | Yeah, ask the question. |
| 0:23.6 | At the end of the form, there's a little box. |
| 0:25.8 | It says, would you be willing to come on the air with us? |
| 0:28.1 | If you check, yes, Mark Tolercio, the best executive producer in the world, will do the rest. |
| 0:35.2 | And that is what Andrew did. |
| 0:36.9 | Andrew is on the line from Chicago, so welcome, Andrew. |
| 0:40.8 | How can we help you out? |
| 0:41.8 | I'm in the process of consolidating some retirement accounts, and I have an old 401k with a former |
| 0:49.4 | employer that I was looking to roll into an IRA, but unfortunately, the only way they |
| 0:56.4 | can transfer the funds is cashing everything out and mailing a check. |
| 1:02.1 | There's no tape to tape transfer, huh? |
| 1:04.2 | No, I've checked with the provider, and the only option is cashing everything out and setting |
| 1:11.0 | a check. |
| 1:12.0 | So I'm a little nervous about being out of the market for, you know, who knows how long. |
| 1:17.0 | I don't have a lot of trust in the US postal service. |
| 1:21.9 | Not that there's anything wrong. |
| 1:22.9 | I'm sorry. |
... |
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