401k Rollover to IRA question Hey folks, So I am looking at some old 401k’s today and was planning on rolling them over into an IRA so I can keep track of them. I have one from an employer about 5 years ago, and another from the employer I left last month. I read some stuff about backdoor IRAs and searched the sub, not sure that I entirely understand them, but my wife and I…

Recently lost my job and I have a 401K. What do I do with it? I don’t have any experience with moving 401Ks! submitted by /u/GnarlsGnarlington

Should I have a 401k? I’ve never had a job that had a 401k before, but I’ve been full time at one of my jobs for a couple months now and I think they might do one of those. I’ve been thinking about asking about it. I’m just not sure given my situation. My understanding is that withdrawing from it below age 59 is difficult or comes with penalties. The thing is, I expe…

One question about Roth IRA vs 401K I teach basic personal finance for high school and am pretty embarrassed that I don’t even know this info. I’ve always been told that the main deciding factor in the Roth vs 401k question is whether you think your taxes will be higher now, or when you retire. So obviously if I’m climbing up on my field, my salary will go higher, therefore makin…

Seeking advice – should I continue to invest in my traditional 401k or switch over to a new Roth 401k? Hello everyone, I’m 32 years old and currently sitting at 60k in my traditional 401k at my job, with a contribution rate of 40% each paycheck (subject to change). At first the investments were being put into the standard target date fund, but I’ve changed it recently to 70% total market index and 30% international stocks. I also have a Roth IRA …

Clueless and need advice. 401k, Roth IRA Hello! 41 year old here with about 37k in a 401k. Currently employed and contributing with a 100% match up to 4%. I want to open a Roth IRA, I have no idea how to do this or what to invest in. A couple of questions: 1- Do I still continue to contribute to my 401k? 2- Once I open my Roth IRA, what should I invest in? 3- What do I do with my curr…

Maxing out a 401k after switching jobs I want to max out my 401k contribution this year. I recently switched jobs, so my payroll won’t automatically cut off 401k contributions. I’m going to manually try to calibrate my contribution % to get as close to the max as possible, but what happens if I go over? submitted by /u/mcar91

Rolling Roth 401k and leaving trad 401k behind If my wife currently has both Roth and traditional 401k assets at her employer but she will be leaving her job soon to stay home with our children and not work, is it possible to only roll her Roth 401k to a Roth IRA and leave the traditional 401k portion at the former employer? I want to still be able to do backdoor Roth IRA contributions for h…

What to do with a 401K I’m leaving my current job which has a 401K in Fidelity. At my new job, I’ve been told that I have to wait 6 months before joining the company 401K. What should I do with my old (as of next week) 401K? – Should I leave it there in Fidelity (I guess I’ll pay fees but the money will keep growing) – Should I leave it there until I’m able to buy in…

401k Investment Strategy My company uses Transamerica and auto enrolled me in portfolio express and ivested it in almost everything. From the limited research I did, the general consensous is to inveset in SP500 and stick to a “three fund portfolio”. I was interested in large-cap Vanguard FTSE and Brown Advisory because of some of the stocks they have but have and also …

401K, SEP-IRA, and a Roth? I have job that offers a 401K plan (no matching). I have a side hustle as a sole proprietor. And I have some cash. Do the IRS limits on 401Ks, SEP-IRAs and Roth IRAs conflict or influence each other? Or can I max them all out? submitted by /u/FionaRRR

Is Trad 401k better than roth considering RMDs? Hi, My wife and I are in our mid 30’s with a combined retirement account balance of 550,000. We are saving about 54,000/year into our Trad 401ks (including employee contributions) and our incomes are exepected to rise. We have mixed Trad 401k/roth 401k but for the last 1.5 years have been soley contributing to the traditional 401k thinking it wa…

Company matches 401k 100%, $ for $ I’m 22 with $0 in my 401k. The current maximum 401k contribution for 2023 is 23k. My company provides a 100% 401k match with no cap (I put in 23k, my company puts in 23k, net 46k). With my current salary, I would need to contribute nearly all of my paycheck to hit or get close to the max for this year. I have no bills and a decent amount of savi…

How difficult is managing my own 401k in retirement? Zero money background. Will have 600k+ in 5 years when I retire. Will be debt free upon retiring. Homeowner and own a few acres in rural flyover state. Would like to draw 50k/year from it for 15 years, then probably won’t need half that for my remaining time, coupled with two social security checks. Can I learn to manage it without losing it all…

Is it bad to take a 401k loan for house down payment? I’d like to take a loan from my 401k to use for my down payment. I do technically have enough cash available for the down payment, but my cash savings would be very low which makes me nervous. I’m thinking of taking a 40k 401k loan to keep an extra 40k of my cash in savings. I understand I’ll have to pay it off in full if I lose my job (and wil…

Percentage of contribution for Roth vs. Traditional 401k? So, I’ve read a lot of articles that suggest contributing 10-20% of your paychecks to your 401k accounts. I imagine with a traditional 401k this number would refer to your gross income. But since a Roth account is post-tax, does that mean I should aim to contribute 10-20% of my NET income if I open a Roth 401k? I can’t seem to find a clear answe…

Do I max out a Roth and put 3-5k overflow into 401k or put everything into 401k? I am 27m and make decent money for the area and my age. I know that taxes will only go up and i’m worried that what i’m currently doing (only 401k) is going to screw me in the long run. I am on pace to have around 2.5 million when i retire in my 401k which is great, but also i know that it will be much less when liquidated. What do i do? sub…

Highly Compensated Employee 401K Limits My wife works for a fortune 50 retailer. Base compensation is $153K with 10% annual bonus and 15%-20% restricted stocks awarded each year. 401K has a 3.5% match. The plan won’t allow contributions greater than 11% of income, citing IRS limits regarding highly compensated employees. Can someone explain why it’s set at 11% and if there’s anything …

401k balance. Advice on how I am doing? 31M, around 20k in my 401k. How am I looking?? Only currently contributing 2%, I will have it go up to my company match soon. Am just closing on a home currently. submitted by /u/Different_Evening_21

Looking for personal retirement advice. I’m about to turn 40 with $68K in my 401K. I’m almost 40 years old. Married with 2 children (age 10 and 11) and I am currently working for a company that offers the traditional 401K. They match 50% of your contributions up to 6%. The rate of return on average is 7% per year. They also offer Roth IRA and after-tax contributions. Currently I am contributing 10% pre-tax to my 401K. I want t…