Cleaned out my desk today

I had the opportunity to clean out my desk of my personal things at work today. It finally occurred to me that I won’t be going there anymore. I’ve gone to the same office for the last 2 years, and it will be wierd not going there.

It made me think about what I should do with my 401k. I’m not sure the differences in the rollover options, but it’s about $1k that I’ve made for retirement in the last year. Not too bad for only contributing 3%. Maybe someone can chime in on the choices.

Advertisements
Posted in work. 2 Comments »

2 Responses to “Cleaned out my desk today”

  1. SavingDiva Says:

    When I leave, I will roll my 401k over into a traditional IRA. My 401k is a little bit bigger, and I don’t want to have to pay the taxes on it to convert it to a Roth IRA.

  2. Aaron Says:

    Most 401k plans will allow you to leave your money in it for 30 or 60 days. Then you can roll it over to your new employer’s 401k.

    If your new employer doesn’t have a 401k plan, then you can roll it over into a traditional IRA.

    A Roth IRA is also an option, but you will pay taxes when you put your money into a Roth IRA. However, you don’t pay taxes on any earnings when you take it out at retirement. (On a traditional IRA, you pay taxes when you withdraw.)

    There are some 401k plans that don’t require you to remove your contributions when you change jobs.

    By the way, how is your car situation going?


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: