Rollovers - 401k,403b,IRA,Pension Cash out → IRA

[@ClaudiaRom]

I’d be retiring or working less in 5 years, and considering this financial recession, I’m curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $250K per year but nothing to show for it yet

[@westgibbs]

Do you have a 401k? you should contribute to your retirement diligently, or better still look into financial planning

[@benalfredo]

Very true, I find myself lucky enough exposed to money management at an early age. Worked full time when I was 19, purchased first home at 28, fast forward time... I'm 50 now, got laid off March 2020 amidst lockdown, a blessing in disguise. At once, I consulted an advisor to stay afloat and with subsequent investments, I'm only 15% short of $1m as of today.

[@ivymaddison]

@@benalfredo this is huge! would love to grow my reserve regardless of the economy situation, my 401k has lost everything accrued since early 2019, at this point, i'm in need of guidance, can you point me?

[@benalfredo]

I’ve shuffled through a few experts in the past, but settled with ‘LOREN LENA WALKER’. The strategy they use is recession-proof, more specifically profit-oriented, and most likely, you'd find her basic info on the net, she's a renowned advisor.

[@ivymaddison]

thanks for info! curiously copied and pasted her full name on my browser, spotted her page easily, she actually looks very distinguished

[@bluebird4424]

Great video thank you. Can you make a video talking more about 403b retirement account. I have just received one from my work and I would like to better navigate the fundamentals for such a plan. Thank you again for the video good and correct content.

[@M.M435]

You all are great.

[@michael7054]

Great video!

[@blackie-jm9tr]

You give an EXCELLENT explanation step by step. The majority of the public is not used to all these financial terms that other videos just throw at you. With your hand written board and patiently explaining each step, you make very clear sense. Thank you for posting.

[@CardinalAdvisors]

@@blackie-jm9tr Thank you

[@ericawilliams5174]

Great job on the break down of all of this very important info. 🎇🎇🎇

[@mr.j2776]

All good points. I'm sure you mentioned in earlier videos - that you can move funds to a rollover IRA, and then, at a later time - perhaps years down the road - you can use a portion of those funds to purchase an annuity (the point being, a person is not locked into the original choice). When I left a company 19 years ago, I did a rollover IRA and invested aggressively. I had a lot of growth. About 7 years ago, I moved a small portion of my "profits" to an immediate annuity. A year or so later, I moved more of the money into multi year guaranteed annuities. This let me sleep a little better, because I reduced the risk . Lately, I am working on ROTH conversions. So - for younger folks: map out a plan, and make sure to follow the advice from Hans and Tom. 😎

[@jocunningham]

How much is your fee

[@CardinalAdvisors]

It depends on the service you want. Either hourly, flat fee, or assets under management. We will need to discuss by phone and I’ll send necessary disclosures. We charge zero for initial meetings. Thx Hans

[@BW-kv9wj]

I rolled over a State 457 plan into a traditional IRA when I retired. I’m going to start working full time in my retirement and contributing into that company’s 401K. If I’m working and contributing to this new 401K, do I have still take distributions from the IRA from the State when I turn 73. I’ll be working at 73 years old.

[@charlievaldez531]

Are these rules applicable to a 457b?

[@CardinalAdvisors]

The rollover rules apply to 457b as well

[@BW-kv9wj]

I read that IRA contributions are no longer tax deferred starting in 2023 if you have a Company retirement plan. Also, I read that all catch up contributions if you’re over 50 automatically gets diverted into a Roth. So if I want to contribute $30,000 into a traditional 401K, $7500 gets automatically put into a Roth. That screws me because I’m in a higher tax bracket now and I personally want to take advantage of the tax savings now. It should be my choice. I don’t want a Roth.

[@CardinalAdvisors]

That is a proposal, not a regulation. You are ok for 2023