Was laid off recently. What should I do with my 401K being managed by my company?

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Open an account at fidelity, schwab, or vanguard and roll it over

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Definitely don’t make enough

Convert to IRA.

First, if you don’t have an IRA, open one with a broker/dealer and get the routing and account number. Then call your 401k broker for forms to execute the transaction.

You can keep your 401k but some levy fees for dormant accounts after a while which, not knowing the situation about that, is why I suggest the IRA route. It also gives you more control over what assets you can use.

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Transfer to a traditional IRA with a company like Schwab or Vanguard

Lek / Deloitte, what’s the benefit of converting to IRA vs leaving it as a 401k? Had the same question

I didn’t move mine to traditional IRA because it becomes a hassle doing a backdoor conversion. I just kept my old one and have my new one.

There are mixed comments here. How does converting previous 401k to trad IRA help with backdoor Roth? In Backdoor Roth conversion, you move over post-tax IRA funds into Roth IRA so that the growth is not taxed. But by converting 401k to trad IRA, it would all still be pre-tax dollars. What am I missing?

It doesn’t.... everyone is saying that having a traditional IRA makes Blackfoot Roth’s less attractive. But since so few people actually do one that disadvantage doesn’t necessarily overweight the advantages of rolling over.

So much yelling for 7% 😳

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