(760) 692-5700

Click on the image above to view this Savvy Minute video.

“Can you roll an old 401K to another 401k?”

When you leave a job for another company or when you transition into retirement, you have several options to consider.

An old 401k can be left with the original plan sponsor if your account balance is over their account balance minimum which can be $5000 or more depending on the company.

It can also be rolled over into a Traditional IRA or Roth IRA, distributed as a lump sum cash payment or rolled over to your new employer’s 401K if the plan accepts rollovers.

A rollover occurs when you receive a distribution of cash or other assets from one qualified retirement plan and contribute all or part of the distribution within 60 days to another qualified retirement plan or traditional IRA. A rollover is not taxable but it is reportable on Form 1099-R.   For your specific tax related questions consult with your tax advisor.

Catherine Magaña is a CFP® or CERTIFIED FINANCIAL PLANNER TM and Managing Partner at Savvy Women Wealth Management in Carlsbad California.

We help women invest wisely and create custom financial plans for their way of living so they can enjoy a fulfilling retirement with peace of mind…

…without giving up their lifestyle.

We’ve found that many of our clients reach out to us when they have a financial issue or question surfacing for them.

If you have something coming up and would like to discuss or need a sounding board then please schedule a FREE strategy session. It’s over the phone, maybe 15 -30 minutes and we can see if it makes sense to talk more.

This is approximately a 10 -20 minute phone call where we can discuss your questions and or concerns and see if it makes sense to meet for a free consultation.

Click the button below to schedule your FREE Strategy Session.

Click to Schedule a Free Strategy Session

Click here to schedule a free strategy session