✅Here are your 401k Rollover Options for 2021. In this video I explain the 401k Rollover to Roth IRA, 401k Rollover to IRA, 401k Rollover to your New Employer Plan, as well as the option to NOT Rollover your Old 401k and to simply keep it invested with your old employer. When you’re rolling 401k to Roth IRA there is a taxable consequence because you’re moving your pre-tax money into an after tax account & you’ll pay taxes based on your tax bracket for the year in which you initiate the rollover to Roth IRA & deposit the funds into your Roth IRA.
If your New Employer Plan has a Roth 401k Provision then you can rollover your old Roth 401k to your new Roth 401k and there will be no taxable consequence.
If you make too much money to be able to contribute to a Roth IRA due to income limitations and are interested in doing the Backdoor Roth IRA Strategy then you may want to consider keeping the money in your old employer 401k OR doing a 401k Rollover to New Employer….check out my Backdoor Roth IRA video OR Roth Conversion Explained video.
Hope you enjoy the video and find a nugget or two of information to help you on your financial planning journey.
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OTHER VIDEOS YOU MAY LIKE
➡️ 10 Self Employed Tax Write-Offs: https://youtu.be/xz3N9wXPcxc
➡️ Backdoor Roth IRA Conversion EXPLAINED: https://youtu.be/AYo1FmwW3GM
➡️ Roth IRA Conversions EXPLAINED: https://youtu.be/Hzq9bcFnY0Q
➡️ 2021 Tax Brackets & Retirement Limits: https://youtu.be/CUniy-FZ2sY
➡️ 2020 Retirement Account Limits: https://youtu.be/KwyME2yA3_8
➡️ Tax Rates: Marginal vs Effective Tax Rates: https://youtu.be/yVHk9obdti8
➡️ Tax Bracket Management: https://youtu.be/L6lMJd2dXn0
➡️ 401(k) – Roth 401k vs Pre-Tax 401k: https://youtu.be/4lfnZ4ba1kc
➡️ 401(k) – How Aggressive Should it be: https://youtu.be/FSuJdc-Tw24
Timestamps & Chapter Links
0:00 – Intro
1:55 – Don’t do a 401k Rollover
2:29 – 401k Rollover to IRA
5:35 – 401k Rollover to IRA CONs
10:16 – 401k Rollover to Roth IRA
11:09 – 401k Rollover to New Employer
13:25 – 401k Rollover BONUS TIPS
ABOUT ME 👇
I’ve been involved in people’s financial decisions for 15+ years (7 yrs Real Estate experience & 8+ yrs as a former Financial Advisor)…I now bring the financial successes, mistakes, failures, and best financial habits/tips to you through these videos.
My mission is to bring Financial Awareness to the forefront of your daily decisions so you can: improve your quality of life, increase your net worth, and grow upon your financial literacy. My videos are a reflection of my real-world experience as a real estate investor, stock market investor, student of finance, entrepreneur, and of course…my experience as a Former Financial Advisor.
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