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Hello, I have received an offer from Southwest Airlines as a Associate Technology Analyst with their direct college hire program. Will be graduating in May with a degree in MIS and also have internships experience as a Business Systems analyst intern. The salary compensation started off at 66,500 but was looking for the 75k range and they got back to me saying the best they can do is 68,500. They also have a 401k company match up to 9.3%. Do you think this is a solid offer for this job market?
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Generally the advice is to roll it over to a personal IRA and Roth IRA, as that will give you more flexibility over your investments. Contribution limits don’t apply to roll overs, so no worries there.
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It depends on what you think tax rates are going to be when you retire and how much other income you think you will be bringing in during retirement. Another consideration is whether you want more money to invest now vs having less money to invest now.
The 6k limit is for new contributions and doesn’t apply to the rollover amount. That’s at least how it worked out for me when I rolled over my old 401k to Roth IRA and I had about the same amount as you. One thing to note is if your old 401k was traditional and not Roth, you will have to pay the taxes on the non roth amount if you decided to roll it into a Roth IRA instead of traditional IRA