Skip to site content
Logo
  • The Shows
    • The Money Guy Show
    • Making a Millionaire
    • Ask Money Guy
    • React
    • Mini Shows
  • Articles
    • All Articles
    • Beyond Basics
  • Products
    • Courses & Tools
    • Millionaire Mission
  • Resources
    • Where To Start!
    • Interactive Tools
    • Free Downloads
    • Ultimate Guides
    • Financial FAQs
  • About Us
    • About Brian
    • About Bo
    • Press
    • Join the Team!
  • Become a Client
  • Change your life by
    managing your money better.

    Subscribe to our free weekly newsletter by entering your email address below.

    Not receiving our emails and want to resubscribe? Click Here

    Watch, Listen, Connect

Change your life by
managing your money better.

Subscribe to our free weekly newsletter by entering your email address below.

Not receiving our emails and want to resubscribe? Click Here

Watch, Listen, Connect

Our updated FOO Course is OUT NOW at a new, low price of $49!

ARTICLES

What Should I Do With My Old 401(k)?

Posted January 31, 2023

In this highlight, we discuss the importance of timing your 401(k) rollover.
Transcript
If you are leaving your current job and have a 401k plan, you may be wondering what to do with it. The technical and logistical question of when to roll over your 401k is important, but there is also a bigger theoretical question to consider. In this episode, we'll answer the technical and logistical question first, then move on to the bigger picture. Before making the decision to roll over your 401k, it's important to make sure that the last contribution has gone into the plan. This is because payroll cycles can be delayed, and you don't want to miss any money that is still on its way to the plan. Additionally, some employers make profit sharing contributions the following year, so it's important to keep your account open to receive everything you're entitled to. It's also important to pay attention to the size of your 401k account. If the account has less than $5,000, the employer may be able to cut you a check, and you could be subject to a 10% penalty. To avoid this, make sure your account is in the safe area by having more than $5,000 in it. Now that you've done your homework and figured out what other cash inflows are coming your way and how good your current plan is, you can decide what options to take advantage of. If your current plan is with one of the big, low-cost providers like Fidelity Investments, Vanguard, or Charles Schwab, you may want to stay where you are. These providers offer a lot of investment options and have low costs, so you'll have more flexibility and options if you stay put. On the other hand, if your current plan isn't as good as it could be, you may want to roll it over to a better plan. This will give you more investment options, lower costs, and a feature-rich plan with Roth and other options. In conclusion, when rolling over your 401k, it's important to make sure that the last contribution has gone into the plan, pay attention to the size of your account, and do your homework to figure out what other cash inflows are coming your way and how good your current plan is. These steps will help you make an informed decision and ensure that you receive everything you're entitled to.

The Money Guy Blog

Read through our thoughts and tips on how to manage your money better.

View more posts

Categories

Financial Planning

Tags

401(k), personal finance, wealth

Free Resources

Financial Order of Operations®: Maximize Your Army of Dollar Bills!

Here are the 9 steps you’ve been waiting for Building wealth is simple when you know what to do and…

View Resource

Net Worth Template

It’s our favorite time of year: time to complete your annual net worth statement!

View Resource

When Should I Claim Social Security?

Social Security can have big impacts on your retirement. But knowing when to draw Social Security can depend on a…

View Resource

Episodes

maxresdefault 47

How to Make Money in a Market Crash

Watch Now
maxresdefault 46

How to Turn Your Finances Around in 6 Months

Watch Now
MaM ChuckMargo2

We Catch MAJOR Pitfalls in This Doctor’s DIY Portfolio

Watch Now

Financial FAQs

  • How Much do I Need to Have Saved for Emergencies and Where Should I Keep it?
  • Do I Need a Will? What is the Best Way to Get One?
  • Do I Need Life Insurance? What’s the Difference Between Whole Life and Term?
  • When Is It Ok To Stop Saving So Aggressively and Spend Money On Things I Want?
  • What is an HSA and Should I Contribute to One?

Courses & Tools

How about more sense and more money?

Check for blindspots and shift into the financial fast-lane. Join a community of like minded Financial Mutants as we accelerate our wealth building process and have fun while doing it.

https://moneyguy.com/wp-content/uploads/2023/10/accent-icon-book.png

Millionaire Mission (Brian’s Book)

Buy Now
https://moneyguy.com/wp-content/uploads/2023/10/accent-icon-pencil.png

The Money Guy Net Worth Tool

Buy Now
https://moneyguy.com/wp-content/uploads/2023/10/accent-icon-book.png

Financial Order of Operations Course

Buy Now
More Courses And Tools

Articles & Insight

A little knowledge is an amazing thing.

Get your money's worth of answers to your financial questions and more niche topics.

I Have a Lot of Money, but I Don’t Feel Wealthy!

building wealth, personal finance, wealth

Read More
maxresdefault 47

How to Make Money in a Market Crash

Watch Now
maxresdefault 46

How to Turn Your Finances Around in 6 Months

Watch Now
More Blog Posts

Change your life by
managing your money better.

Subscribe to our free weekly newsletter by entering your email address below.

Not receiving our emails and want to resubscribe? Click Here

Watch, Listen, Connect

  • The Money Guy Show
  • Articles
  • Products
  • Resources
  • FAQs
  • About Us
  • Become a Client
  • Media Kit
  • Visit Abound Wealth
Disclaimer   |   Privacy Policy   |   Terms of Use   |   Store FAQs & Return Policy

Copyright © 2025 Money Guy, All Rights Reserved