What should I do with my old 401k, 403b, or IRA? [Episode 19]

What should you do with that old retirement plan you forgot you had or from that job you just left? Should you use it to pay off bills? Leave it alone? Do you have to listen to that letter telling you to move your account if you stop contributing to it?

 

In today’s episode we’re talking about options for those old retirement accounts that you may have forgotten about or you’re just not sure what to do with them. I share 4 options you can handle this with, including leaving it where it is, rolling it over to a new/existing 401k, transferring it to a traditional or ROTH IRA, and using it to pay things off. I dive into each option into these options providing some of the positives of doing this. As always make sure you’re discussing your choices with a CPA, attorney, or financial adviser.

 

[2:00] Option A: Leave it alone

 

[3:25] Option B: Roll it over to another 401k

 

[4:00] Option C: Roll it over to an IRA

 

[4:21] Option D: Spend it/Pay off things

 

[4:40] Option A’s Pros and Cons

 

[6:53] Option B’s Pros and Cons

 

[9:21] Option C’s Pros and Cons

 

[13:25] Option D’s Pros and Cons

 

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