What Should I Do With a Previous 401(k)?

Listen to how ordinary people built extraordinary wealth - and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Rachel Cruze, John Delony, George Kamel & Jade Warshaw.
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[@BadPhD777]

My daughter left her job in December. We rolled over her 401k into a Traditional IRA, and then in January (she's now an unemployed college student) we converted it to a Roth IRA. She paid no taxes out of the balance, so she will owe taxes for tax year 2024, but she'll be in the 10% tax bracket since she'll be unemployed all year. She's 20 years old with a $25K Roth IRA that will snowball into a lot of TAX FREE money in the next 40 years!!

[@michaelfoust-d2k]

I’ve always wondered why the Ramsey crew Never talks about the Rule 55 ??..where if you Leave your current job for any reason, you can Access your 401K without the 10% early penalty You have to be 55 or older in the year you leave Or after you leave.

[@ledlightboy]

Yall, a Roth conversion is totally worth it. And even a Roth 401K still has employer contributions that are traditional and need to be converted.

[@Todesjaeger00]

Need to have the cash available to pay the taxes on the conversion, right? Depends on age too...how much time you have left till retirement sommoney has time to grow

[@dylankramer9249]

Comment

[@CommunityTheatre]

Amazing they thought this was good enough to clip when Ken is completely lost in the sauce

[@jlavina3]

The only correct “Rollin rollin rollin” reference is from An American Tail: Fievel Goes West