Dominique BroadwayFounder & CEO, Finances Demystified · Turning Knowledge Into Generational Wealth

Old 401k’s? Here’s what you do with them!

Name: Old 401k’s? Here’s what you do with them!
Uploaded: 2023-02-01T19:30:24+00:00
Duration: 48 s
Channel: Dominique Broadway
Description: Start by getting your latest statement and figuring out what you have: the total balance, account type (traditional, Roth, 403b, or SEP IRA), and what…

1 Feb 2023 · 1 min

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Start by getting your latest statement and figuring out what you have: the total balance, account type (traditional, Roth, 403b, or SEP IRA), and what investments are in it. This snapshot tells you what options you actually have.

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If you have a 401k at an old company, the first thing that you want to do is actually pull your most recent 401k or retirement statement. So you want to pull this statement and just start looking at it and seeing like, one, how much money do I have in this account? What type of account is it? Is it a 403(b)? Is it a SEP IRA? Is it regular, a traditional 401k? Is it a Roth 401k? So that's the first thing you want to do. And you also want to see what type of investments you have in the account, right? So you want to get a clear understanding if you have mutual funds in this account, stock in the account, maybe company stock from whatever company you worked at, or if all your money has been sitting in cash or in a money market account. So you want to have a clear understanding of how much you have and what is in the account.