Missed transferring my 401k
I missed transferring my 401k from previous company upon switching my job . Please let me know how could I be able to do that now and what options I may have . #401k
You can just roll it into an ira or the new 401k. All you need is which brokerage holds the account and your account number
Thanks !
Just convert it into a rollover Ira either at your old provider or current one. Google it.
Thank you !
These are the people managing money for wealthy individuals.
Why assume? For all we know op has a non-finance/accounting role in GS. Imagine making this comment to a hr rep smh
Exactly my point. OP should be fired
If you’re interested in leaving the door open to do a Backdoor Roth, you would want to maintain $0 Traditional IRA balance. In this case, you can either leave it at Goldman. Or roll to new employer 401k. There is no real rush to do this. How it fits into overarching financial strategy. https://www.reddit.com/r/financialindependence/s/dgj93dudHN
Or simplified version. https://uspersonalfinance.substack.com/p/personal-finance-101-advanced
Thanks , this is really informative .
Transfer (called a rollover) to an IRA. Don’t move it to another 401k - reasons, you can invest in anything (stocks, ETFs) in an IRA, you can’t do that if you move to another 401k. Start by opening an IRA with Vanguard or Schwab or Fidelity. Depending on where your 401k is, if you open an IRA with same brokerage, they can do it internally without ever issuing a check.
Bad advice. This prevents you from doing Backdoor Roth unless you want to pay hefty tax on conversion. Most 401ks have some decent options with low expense ratios. Many 401ks even have a brokerage option to let you choose individual stocks.
Not bad - just conservative. OP didn’t even know what a 401k transfer is. I doubt OP wants to get into the intricacies of backdoor Roth.
Do not roll into IRA. If you do, you will mess up potential Backdoor Roth possibilities. Just roll it into your new 401k
You can still do Trad IRA to Roth IRA conversions.
There is no deadline, you can roll over the old 401k at any time (or leave it where it is - it doesn't disappear just because you left the company). The only situation where the clock is ticking is if the old 401k sends you a paper check, you have to deposit it in the new account within 60 days.
Thank you ! This is really informative and helpful .
If you work for GS and don’t know this, I think GS should just fire you.
I am from a non financial role . Secondly , I can understand the sulking coming from none other than an Amazon employee . Well I know either you are already fired or on the verge of getting .Isn’t that something your company is known for doing upon hiring trash like you . All I have got to say is ‘Get well soon ‘.
OP: there is certain bar and basic economic knowledge you need to employ when working for GS. If you don’t have it, you should have the knowledge to Google it or find that.