Savvy Saver 7/3/19: How To Roll Over Your 401(k)
Budget Tip Of The Week: Roll over your 401(k) to an IRA.
If you’re fortunate enough to have an employer-sponsored retirement account like a 401(k) or 403(b), it’s essential to make sure that money is still growing even when you leave or are laid off from that particular job. The only way to do that is by rolling it over into an individual retirement account (IRA) or your new employer’s plan. A retirement plan is an investment plan and while it still has a chance to grow, you won’t be able to contribute to it and you don’t have control over it once you leave your company. Start the process by deciding where you want to move the money, opening an account and contacting your former employer so they can transfer the funds to your new account. Once all the details are in place, it’s time to start reinvesting. Read on for more information and insights to make the roll over process more streamlined. [Swirled]
Definition Of The Week: Roth IRA
A Roth IRA is a retirement account where you pay taxes upfront on the money so that you don’t have to later. It’s only available to people below a certain income, but if you qualify it might be smart to open a Roth IRA while you can, to save money later on in life. [Swirled]
Digit Of The Week: $6,000
The maximum amount you can contribute in 2019 to an IRA or a Roth IRA if you’re single. [Swirled]
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