I recently changed jobs and haven’t yet rolled over my 401k. I’m not savvy in these kinds of things, but I’m reading articles that say a 401k is a somewhat pointless way of saving money for retirement. I was going to roll it over because I feel like that’s what I’m supposed to do, but now rethinking that. Thoughts? What makes sense in this day and age/market?

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You're probably reading some very dumb articles if that's what you're seeing. 401k is a great investment vehicle.


Just roll it over. I would move the traditional portion to your new 401k and any Roth portion to a Roth IRA.

likefunny

😆 all I needed to hear, thanks!!!

I would love for you to link what articles say a 401k is a bad retirement vehicle because that is literally insane. Guessing you’re reading about some FIRE garbage. And while I think fire is great and who doesn’t want to retire early, doing it at the trade off of no 401k is not wise at all

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Even those into FIRE should be maxing their 401k. The tax benefit alone is huge, and there are ways to get your money out early. Mainly a Roth conversion ladder.

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With the addition of the Roth 401k (and no income limit), it’s a great vehicle for putting away money that you will never have to pay taxes on again. Given the ever changing political landscape and the size of the national debt the ability to have retirement assets without taxation risk is huge. In addition, you might have an employer match or profit sharing contribution and that’s free money. You also get tax deferred growth unlike in a non-qualified account. Some 401k plans also allow for a self-directed brokerage option where you can buy stocks, bonds, ETFs and not just the list of 20 or so mutual funds. You need to check your plan summary highlights.

Most of those articles reference someone putting money into a traditional 401k when they are in a lower tax bracket than they will be in retirement, hence causing them to pay more in taxes. Make sure you are factoring in what you believe expenses to be in the future when deciding to contribute to a traditional 401k.

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Can someone explain how to put 401k in traditional so i can later do Roth conversion? I just started 401k which is matched after a year by the company and both that and my own roth ira are with vanguard

Sometimes a former company will also give former employees 60 days or so to move out a 401k and then it gets surrendered to the state.
It can get messy if the former company merges, spins off, gets bought out, or does something else with its retirement plans and it can get locked up for a year while that happens.
Life can also happen if you move, change your name b/c of marriage/divorce/other reasons. Much easier to move your money with you now rather than go thru an administrative chase.

likehelpful

Roll it over. Market will correct itself and you are better to keep track of where you have invested in your 401k. Google ‘Compounding Interest’ and Long term investing. 401k is the way to go for the tax savings and long term plan. Be sure you pick where you want your funds to go. Most plans have Target Date Funds, which tie to your retirement date and keep the risks inline with that timeline.

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A 401k is pointless way of saving for retirement? 😳 😳 😳

How else are you going to save for retirement?

Stop reading The Onion.

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Roll it over into a self directed IRA. Spread the money out among megatrend ETFs, put 80% there. Put the other 20% into Apple, Visa, Microsoft and other tech leaders. Doing this will triple your returns vs standard target date funds.

funny

I used E*Trade to roll it over.

I wouldn't roll it over in this volatile market. Sit on it until it stabilizes a bit then roll it. Check how long you can leave it before you have to pay any fees. I left one for 5 years before I moved it. No fees, just growth.

@kpmg1 I didn't wait 5 years for that reason. The length of time was just a reference to the fact that you can let it sit for an extended period of time.
The 5 years was because it was doing just fine where it was and I didn't like the options at my new place of employment. I waited until my next job after that, and rolled multiple accounts into a new place.
I am only suggesting a small wait now until the wide swings even out. If you have an aggressive portfolio the swing can be 10% or more day to day.

Ding ding ding….you’re right. Go pull it out, go play Scarface and go roll the dice at the high roller table in Vegas. No point in cashing it and stuffing your mattress with gold when inflations through the roof or dumping it in this bear market.

401K is great, maybe start doing a roth if your new employer offer it

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