{ "media_type": "text", "post_content": "I have 401k and wealth builder with PwC and I am joining a company which doesn’t have a great 401K as such and i cannot contribute until after 90 days. I do not want to withdraw the PwC 401k and wealth builder and end up paying a lot of tax. What are my options here? I have heard of converting to a traditional IRA/Roth IRA , but have no clue how to do it or what is the right way to go about this. Please help me out!! Thanks in advance!! PwC", "post_id": "6197de64f17f15002c9d6903", "reply_count": 9, "vote_count": 2, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

I have 401k and wealth builder with PwC and I am joining a company which doesn’t have a great 401K as such and i cannot contribute until after 90 days. I do not want to withdraw the PwC 401k and wealth builder and end up paying a lot of tax. What are my options here? I have heard of converting to a traditional IRA/Roth IRA , but have no clue how to do it or what is the right way to go about this. Please help me out!! Thanks in advance!! PwC

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Transfer to traditional IRA. You can then invest in index funds, stocks, mutual funds what ever you want. I did that a while back with Charles Schwab. Another good option is to roll it to Traditional IRA with vanguard and just invest in an index. And I also second the opinion to call PwC help.

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Just to clarify a few points for OP because this is getting confusing without prior knowledge and some tax implications. Also this just just personal opinion check with tax specialist. 1) moving funds to traditional Ira will not incur taxes at the time of transferring 2) moving funds to Roth IRA will incur taxes at the time of transferring 3) cashing out will incur penalties 4) Keeping at pwc will give you limited control 5) roll money to new employers 401k plan - check your plan rules Although option 1 “appears” superior it depends on circumstances. Some people would rather be taxed now then later. Also some high earners take advantage of converting Traditional IRA to Roth IRA due to limitations on contribution (Google backdoor Roth IRA). Roth IRAs are not taxed for income growths (after 59.5 yes old) and no required min distributions like traditional when you get to 72yrs old.

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Call pwc help and they’ll tell you. Or go on benefits express and transfer to a traditional ira (not Roth or you’ll owe a ton of tax)

You might be able to leave it in there without contributing. I still have my old 401K in the old employers provider. Been meaning to move it but I haven’t had any issues.

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