In this episode, financial advisors Jim Martin and co-host Casey Bibb discuss the various options available for managing an old 401k from a previous job. The options include leaving it in place, rolling it into a new employer's plan, cashing it out, or moving it to a self-directed IRA. They explore the pros and cons of each option and provide guidance on making the best decision based on individual circumstances. Additionally, they delve into the intricacies of Social Security survivor benefits and the financial implications of a spouse's death, emphasizing the importance of...
In this episode, financial advisors Jim Martin and co-host Casey Bibb discuss the various options available for managing an old 401k from a previous job. The options include leaving it in place, rolling it into a new employer's plan, cashing it out, or moving it to a self-directed IRA. They explore the pros and cons of each option and provide guidance on making the best decision based on individual circumstances. Additionally, they delve into the intricacies of Social Security survivor benefits and the financial implications of a spouse's death, emphasizing the importance of comprehensive financial planning for retirement.
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00:00 Introduction: What to Do with an Old 401k
00:25 Meet the Hosts: Jim Martin and Casey Bibb
01:16 Exploring Your 401k Options
01:49 Option 1: Leaving Your 401k as Is
03:44 Option 2: Rolling Over to a New Employer Plan
05:14 Option 3: Cashing Out Your 401k
06:29 Option 4: Rolling Over to a Traditional IRA
08:31 Recap of 401k Options
12:43 Special Considerations for 403Bs and 457s
14:22 Social Security and Survivor Benefits
22:06 Closing Thoughts and Outro
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