{ "media_type": "text", "post_content": "Did you transfer your 401k from your ex-employer to your current employer? If not, what did you do with it? I’m so lost. It’s my first time switching jobs. I have money in my spending account too. How should I spend it in the last 2 weeks?", "post_id": "61819734a61ba1002bd0a3bc", "reply_count": 17, "vote_count": 1, "bowl_id": "5b3f7377ab53db00136f7b4c", "bowl_name": "FIRE Financial Independence Retire Early" }

Did you transfer your 401k from your ex-employer to your current employer? If not, what did you do with it? I’m so lost. It’s my first time switching jobs. I have money in my spending account too. How should I spend it in the last 2 weeks?

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Is the 401k traditional or Roth or both? Remember that the employer match portion is always traditional, regardless of whether your contributions were traditional or Roth. Here's what I would do (went through this recently): - Traditional portion of 401k: move to your new employer's 401k - Roth portion of 401k: move to your Roth IRA (make one if you don't have one already) Traditional Reasoning: - Moving traditional 401k to a traditional IRA can cause tax issues in the future if you ever want to do a backdoor Roth IRA. Once you make more (and I hope you do in the future!), you can't directly contribute to a Roth IRA. Look up "backdoor Roth IRA" and "pro rata rule" - You could move the traditional 401k to a traditional IRA if you want more investment options, but you run into the pro rata rule (tax implications) above - You could also move your traditional 401k to a traditional IRA, and then convert that traditional IRA to a Roth IRA. Only do this if you think you are in a low tax bracket now compared to your estimated retirement tax bracket Roth Reasoning: - Roth IRA gives you more investment options - Moving Roth 401k to Roth IRA doesn't lead to any tax issues - Roth IRA contributions can be withdrawn penalty free at any time. Roth conversions can also be withdrawn after 5 years. Look up "Roth IRA ladder," which is great if you plan to retire early and want to access your retirement funds early.

likeupliftinghelpful

EY1 no it does not. The 6k limit is for direct contributions. Conversions and rollovers have no limit.

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I kept my old 401k at my old employer. I liked the investment options there. I’m not paying any fees as an ex employer beyond the low expense ratios related to the funds I’m invested in. It’s with Fidelity, which I like their customer service. I have other accounts at Fidelity and can see it all with my usual login. If all four reasons were true, then I would have rolled it over to my new employer.

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i was literally just in your shoes and couldn’t decide. the options are 1) rollover to new employer 2) rollover to personal ira 3) keep in current employer i went with 1. people were saying that if i ever plan on back door roth to not move to personal ira due to some prorated tax ? idk. it was too confusing. so i went with 1 lol what do you mean you have money in your spending account?

helpful

Pro rata tax rule*

likesmart

I rolled over to a personal IRA so (1) I could have more visibility and control and (2) I could convert it to Roth.

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I had both pre-tax and roth 401(k) funds in my old employer, so I rolled the roth into my Roth IRA (rollover > roth) and pre-tax into my new employer plan.

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Moved out of old employer, to personal brokerage with pretax retirement accounts. Some employer plans require that you move it within 60 days or so, but you may want to wait a little bit until after your last payroll b/c some only fund once a month, which may be a few weeks after your last paycheck. Spending account, like FSA, buy up similar items at the drugstore that you see on the FSA website (some OTC items, sunscreen, etc) and if you wear contact lenses and have a recent prescription, buy a bulk of lenses online or through an optical store. If you don't have dental or vision insurance and can snag an appointment with either, that'll also usually qualify.

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do you have an HSA or FSA? if HSA, you can roll it over / leave the money in the account (don’t need to spend before you leave). not sure about FSA though

Have both. So I found out that HSA, stays with me. Just like any other savings account. FSA, needs to be exhausted before I leave my company. Turns out there is a site where you can buy things with your FSA money.

I rolled over because I'm not eligible for a Roth and didn't want to mess up the backdoor Roth

Rolled it all over.

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