Reader Question: What should I do with my old 401k? | Roundup

I got a question from a reader the other day that is a pretty common one (what to do with your old 401k), so I decided to answer it as a blog post today. Here is her question: Hi Bob, I have a 401k with my old job and my new job does not offer a 401k option (or else I would just roll my 401k over). What should I do with this 401k?  Leave it alone?  Roll it over into a Roth IRA?  (What are the tax implications if I were to do this?)  Roll it over into some other entity that I am not aware of? I don’t know if a little background info matters but…, I started this 401k when I was 20, stopped depositing money into it when I quit my job at 30 (I quit to stay home with my baby for a year) and now I’m back to work but just part time. So what should I do? What I did with my old 401k I will tell you what I did. I rolled my old 401k into a Traditional IRA at Zecco and then converted it to a Roth IRA .  And the primary reason I did so is because when the money is in an IRA (roth or traditional) you have about a million investment options vs. a 401k that often only has 10-20 different options. As if that weren’t enough, 401k fees are often a lot higher than IRA fees, which will cut a big chunk out of your earnings over 30 years. You can roll it into a Traditional IRA and won’t have to really do anything, but if you roll it into a roth you will have to pay taxes on that money now. The positive side of this is that money will grow for the next 30 years and then you will be able to take it all out and NOT pay any taxes at that point. This is why I love the ROTH so much.  If you left it in a 401k or rolled it into a Traditional IRA you would have to pay taxes on that full amount until you withdraw the funds in 30 years. And you can imagine what the tax bill might look like on a $1 million dollar nest egg. Get more information If you are looking for more information you can learn more about the benefits of rolling over or find a Christian Financial Planner in your area. Anyone else have suggestions for this fellow reader? Please share in the comments! A few other great reads from around the web: How to decide how much fun money you should have in your marriage. 8 Ways to buy organic produce and meat on a budget . An update on the recent changes that Perkstreet made to their rewards . 22 ways to get a discount on anything you might ever want to buy. A look at whether or not it is always bad to talk about money outside of the family. How to set up fraud alerts with the credit bureaus. 5 simple  ways to save time and money . A bunch of good Q&As about the Roth IRA . And these are some carnivals that CPF has been featured in lately: Personal Finance , Totally Money , Wealth , Financial Camaraderie , Wealth , Totally Money , Managing PF , Best of Money , Self-Directed Investing , Tax , Passive Investing , Frugality . Related Articles: My Traditional IRA Conversion To A Roth IRA What is a Roth 401(k)? 6 benefits you might care about… My Rollover From 401k to IRA at Zecco Which IRA Should You Invest In? Bob enjoys dark chocolate, paying off debt, giving, Foosball, loose-leaf tea, helping people succeed, learning, anything God created, playing guitar, Philippians, excellence, Chick-Fil-A, and making his wife smile. He started ChristianPF in 2007 and Co-Founded Blogging Your Passion in 2011. Find him on Facebook & Twitter .

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Digi Auto Links Discount

What is Digi Auto Links? This is amazing wordpress plugin not only helps you build backlinks automatically but it is also gives you the option to ‘Automate’ or ‘Semi Automate’ the process according to your needs. There is no complicated tech stuff, you dont need to mess with the code either. You just have to upload Digi Auto Links, install it and follow the instructions. That’s it. If you own wordpress blog like I do, than you absolutly need this plugin. Click here to learn more about Digi Auto Links (66% discount now) So, is Digi Auto Links plugin for you? I truly dont know. Perhaps you have completely the occasion right now and you are willing to achieve all this manually or you be able to be similar with me and make use of Digi Auto Links plugin, and as a result you be able to grow 100% automatic backlinks whenever you publish your post on your blogs. Do I put in a good word for Digi Auto Links? Absolutly. No question regarding Digi Auto Links. I can not look for myself trying this through hand, no way. If you are intense with your on-line presence and with your business, than you have to buy this Digi Auto Links plugin immediately. You will not feel sorry to have it, I guarantee. If you ready, Click here to buy Digi Auto Links (66% Discount Here Only) Thanks for reading this. Any questions etc, let me know via comments below. Share this on Facebook Tweet This! Share this on del.icio.us Digg this! Share this on Technorati Stumble upon something good? Share it on StumbleUpon Email this via Yahoo! Mail Post on Google Buzz Related posts: Digi Article Blaster – Get Over 150 Backlinks On Autopilot Affiliate Wizard Plugins 25% Discount Code for 2011 OIO Publisher Coupon Code – $10 Discount What Links Are Best for Ranking in Google? How Many Links Does A Website Need To Rank Well?

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My First Television Interview

As some of you know earlier this month I went up to Chicago for the first annual financial bloggers conference . I got to finally meet some of the CPF writers (who I haven’t already) as well as many other great financial bloggers. All in all it was a great experience and I will be going again next year. While I was there I also met money-news reporter Stacy Johnson whose broadcast “is viewed by approximately 15 million people on more than 80 network-affiliated broadcast channels nationwide.” I don’t really seek out major media exposure and I tend to turn down most opportunities. But while I was there I went ahead and did a quick little interview with Stacy just for the fun of it. In the past I have done a few gigs on radio, but I have yet to do anything that appears on television, so you can check it out if you’d like here . (My part starts at 1:14) Depending on where you live, you may see the video as part of your local news on NBC, CBS, ABC, or FOX. If you do, let me know about it! Here are some blog carnivals that CPF has been featured in lately as well: Totally Money , Money , Totally Money , Investing , COPF , BOM , Totally Money , Personal Finance , Money , Wealth , COPF , Money , Personal Finance Related Articles: October Roundup & News Wanting to start a WordPress Blog? Read this! | Roundup $50 ING Business Account Promo | Roundup The 25 most helpful articles written by PF bloggers 25 Common Job Interview Questions Asked Interview with Jim O’Donnell – Shortest Investment Book Ever 5 tips to help prepare for your next job interview Bob enjoys dark chocolate, paying off debt, giving, Foosball, loose-leaf tea, helping people succeed, learning, anything God created, playing guitar, doing things the “long” way, Philippians, excellence, Chick-Fil-A, and making his wife smile. He started ChristianPF in 2007 and Co-Founded Blogging Your Passion in 2011. Find him on Facebook & Twitter . The articles on this site are for entertainment purposes and should not be taken as financial advice. Please contact a financial professional for specific advice regarding your situation. Also, many of the CPF articles help us pay the bills by using affiliate relationships with Amazon, Google, eBay and others. Find out more here .

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