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Leaving Your Job? Here's What You Need to Know About Your 401(k)
Manage episode 432972543 series 3561532
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In this week's episode of the Last Paycheck Podcast, CFP Professionals Archie Hoxton and Rob Hoxton discuss the common mistakes people make when leaving a job and deciding what to do with their 401(k). They emphasize the importance of staying organized and informed to avoid costly errors. The hosts outline three main options: leaving the 401(k) with the former employer, withdrawing the funds (which can incur significant taxes and penalties), or rolling the balance into a new employer's plan or a rollover IRA.
They highlight the potential pitfalls of each option, such as forgetting about the account, incurring unnecessary taxes and penalties, or leaving the funds uninvested in cash. Archie and Rob stress the importance of understanding the specific industry terms and seeking professional guidance to navigate the process and make the best decision for your financial future.
If you'd like to chat with Rob or Archie further, please schedule a consultation: https://calendly.com/archiehoxton/last-paycheck-consultation
Call or text Hoxton Planning & Management: +1 (304) 876-2619 and visit their website www.hoxtonpm.com
Watch on YouTube: https://youtu.be/PwKXtO40shY
Listen in on conversations with CFP Professionals Archie and Rob Hoxton as they share weekly wisdom to help you retire and stay retired. Have you ever wondered what it will feel like when you get your last paycheck? Whether it’s excitement, anxiety, or anything in between, this show is for you.
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