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Anonymous User
Coach
Hi everyone!
Debating between an offer from 200 employee company vs Zoom (the company).
The smaller company has good benefits, great wlb and a great culture per Glassdoor reviews. But its an HR software and not easy to sell.
Compensation is similar.
Never worked in a big company like zoom before, what are the pros, and the drawbacks?
Zoom
Subject Expert
Anonymous User
Coach
anyone gonna buy any calls before market close?
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Anyone know what other fishbowls are like?
I freaking love wearing khakis
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Just contact your current 401k company and ask them what the process is for rolling it over. It usually just involves filling out some paperwork and sending it to your old 401k. They'll just transfer the funds electronically so they remain tax sheltered and can then continue to grow (hopefully) in your new account.
Thank you!
Rolling it over into another 401K should be an option, if you cash out then you might be paying up to 30% in taxes.
A rollover IRA is a great option. You can open one with Fidelity or any brokerage, then reach out to fidelity about withdrawing your current plan and moving it to a rollover ira to avoid taxes. It likely will give you more investment choices than your new employer’s 401k and every time you leave a job you can throw your 401k balance into the same rollover
Typically, you have 3 options. Keep it at Fidelity (not an option for you), roll it to your current company’s 401K, or put it into an IRA with an approved broker.
Given your circumstances, you can only do options 2 or 3. There are pros and cons to each and would call either Fidelity or you current broker to get better insight into what makes sense for you.
Thank you!!
What options does your firm give you? Most places will want to roll it over
I was pretty novice at investing too and then my friend showed be Robin Hood. I am still pretty unaware of all that's going on but if you can close that account and make your investment grow, I think you'll be happy you did so.
Don’t do this. If you close your 401k and transfer it to a taxable brokerage account, you’ll most likely pay penalties for early withdrawals. Make sure you roll your 401k over into another tax deferred account (e.g., new employer 401k, rollover IRA).
You have a few options you can either leave it where it is or roll it over to an IRA or an employer plan
Move it somewhere with better options than Fidelity. My wife has a work retirement account with Fido and we’ve been using their BrokerageLink option to hold 100% cash since December. Dodged the downturn. Unfortunately, it doesn’t have good options for most strategies I would want to use to long/short individual companies or ETFs.
The best option in my opinion is to roll it over into a traditional/Roth IRA. Trad for the pre tax portion and Roth if you contributed any after tax to the 401k. This way you will have more control over the money typically at a lower expense ratio than a 401k. Personally I like using Vanguard. I worked there for several years. Terrible place to work but excellent place to keep your money.
Consider a Roth IRA rollover if you’re expecting to be making more money in retirement/want to have more access to your funds within 5 years (lookup accessing your funds in Roth IRA Vs Traditional IRA rules). Not planning on doing anything with the money? Or expect to make less in retirement age? Probably rollover as a traditional IRA.
As others said, cashing out will incur tax and penalty so it’s ill advised. Only do it if you think stocks would drop more than penalties and taxes combine. Or make more money, now you’re entering a new tax bracket or have you always owed money in taxes? Consider buying a cheap investment property that could benefit your tax savings and be a greater cash on cash return than stocks will provide.
Hi! I have clients who work at GT. Happy to chat sometime if you’d like.