12/22/2022 8:09:08 AM FatStacks |
Wow, my 2022 goal really sh*t the bed. "Stay the course. Debt interest rates are low. Dump extra cash into crypto instead of paying off debt." |
12/28/2022 4:36:36 PM JD2005 |
Why don't you roll over your old 401ks to IRAs? |
12/30/2022 1:13:29 PM FatStacks |
Hm, I really hadn't considered that. I was thinking about consolidating them all into my current employer's (401k) plan, but maybe I'll look at the IRA route instead. More investment flexibility with IRA, and probably an easier path towards a RothIRA conversion down the line as well. |
12/30/2022 1:14:18 PM FatStacks |
Thanks for the idea! Looks like I have some more research to do :) |
12/30/2022 2:24:31 PM JD2005 |
Agree that IRAs give you the most flexibility over old 401ks, or even your current 401k. Enjoy the research! |
12/31/2022 12:07:04 AM azphx1972 |
FYI, you do not want to roll pre-tax 401k money to IRAs if there's any chance you might need or want to do backdoor Roth IRA contributions in the future. Look up the pro-rata rule. I'm only able to make backdoor Roth IRA contributions because I have no balances sitting in traditional IRAs. |
1/6/2023 3:15:27 PM girlnextdoor |
Agree with azphix. I have an IRA because I didn't want to leave money in the 401(k) account at my last job when I left, and it was too large an amount to want to roll it all into a Roth that year (from a tax perspective). It's possible I'll never be at a financial point to need/want to do a backdoor Roth anyway, but it still kind of annoys me to know that I won't have that option now. |
1/6/2023 4:26:52 PM FatStacks |
Great warning tip azphx1972, and thanks girlnextdoor for sharing your experience as well! |