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McKinsey & Company McKinsey & Company I have my first rounds (2 cases) for a position at the risk practice. Will I be interviewed by consultants in the risk practice? I wonder if I can ask some risk practice specific questions at the end of the interviews. (Didn’t get the names of the interviewers yet so I cannot google)
Can I join in Nokia R&D unit for java, spring boot backend developer role considering current situation of layoffs in product based companies ?
Exp - 4 years
Tech stack - Java, Spring Boot, Microservices
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I think that’s called an IRA. Same concept except that you handle the transfers yourself (I think)
Yup. You convert your 401K to an IRA (either Roth or traditional) and keep contributing to it. One pitfall - your maximum contribution limit is way lower for an IRA than a 401K. $5500 I believe vs $18.5K
To get around the limits, find out if you have an option of in service conversion from 401k to IRA at your new employer. If yes, you can contribute to 401k 18k and convert it to IRA using the backdoor option.
thing as a private 401k or something? Also, new company doesn’t match, so not losing anything there. Sorry for the ignorance in advance.
What you can do I think is convert EY’s 401(k) to an IRA and continue to use it with the new employer. Don’t quote me though, hopefully we have an investor here who can verify
EYs 401k also charges a yearly fee, fyi
You can leave your money in the EY 401(k) or move to IRA. Either option will come with some kind of fees - you’ll need to investigate each to determine which is best for you. Another downside of moving to IRA is that it will effectively close the “back door” Roth IRA contribution method that relies on having no funds in an IRA.
Regardless, not contributing to a 401(k) will significantly reduce your total tax advantaged contribution limits.
Another option is to talk to your new company’s HR team about the 401(k) options. Many are not aware of how badly they’re being ripped off. Of course, this depends on the size and openness of your new firm. But small firms are the most prone to getting a bad deal from a 401(k) administrator.
To your original question, it is possible to administer your own 401(k) but only if you’re self-employed.
New employer doesn't match? Wow that's an interesting career choice OP
OW2 I’m seeing this a lot with tech companies these days. They make up for it with ridiculously good healthcare plans and a solid pay package.
Rollover your 401k to IRA then backdoor to Roth IRA every year to avoid fees. You’ll pay taxes on what you backdoor, but not a bad idea if you are in low income tax bracket.
So if I just leave my EY 401k account sitting, will the money eventually go to $0 because of fees and no contributions?!
Can you transfer funds from new company 401k to your older 401k on Fidelity? That way you can avoid the higher fees while still activity contributing.