What Happens to Retirement Money When Changing Jobs? | Phil Town

Thanks for watching!
Have you ever had to change jobs and roll over your accounts, was it an easy process?

Your topics are always interesting and top notch. I just did have a meeting with my financial advisor yesterday. We did talked about that. Now it's much clearer for me.

didnt even know what IRA's were back when I was making my first jump

Hey phil how can i contact you? i need a consulting advice

Hi Phil, i'm from viet nam, ? i have already read your 2 books. but, can i using your strategies in viet nam markrt? thank

Hey phil a question
can i buy in the stock market from another country or even open a roth IRA ?

Phil. Quick question. 20% of My 401k amount from the previous employer is vested. Would you still advise Me to rollover My money to IRA account.? Thanks for the informational videos.

Why is the energy sector continuing to tank?

Phil, what if I bought in low to my old company’s 401k; earning cap gains and dividends since it’s a long term holding? If i move to a new account; I’d only have the option to sit in cash or buy funds at this high market price.

I’m confused with tax free in Roth IRA. I understand the part where you put money in that already taxed so shouldn’t be tax again but also the gained are tax free doesn’t make sense. And my best analogy is gambling. I took some money from my bank which already taxed from my pay check but once I win $20k, I’ll have to report and tax on my gain. What make it’s ok with Roth not being tax? It’s the samething.

What happens if you didnt have 5k and you left the job. Will they automatically take half of the money in the account and send you a check?

Can you rollover over the 5.5k IRA maximum per year?

PHIL – PLEASE READ THIS POSITIVE COMMENT FOR YOU! 🙂 I have been following your channel for only a couple of months now. I am a super saver but have recently considered investing and growing my money (I am a researcher by trade). Your videos have inspired me to take action (when the time is right, of course!) and to fully own my financial future without relying on an employer for the rest of my life. Your expertise is sound, rational, and obviously comes from many years of experience in investing as well as understanding people. I will continue to follow you and hope to one day meet you! Thank you for all of your advice and support as we navigate toward becoming financially independent! (Re: IRA's – I haven't had to rollover my 401(k) yet but after watching this video I will definitely be opening an IRA at some point within the next year.) #Rule1Investing

I just considered this in detail after attending your seminar, and acted on it by TRANSFERing from 401K to Tradestation Margin IRA trading account. In addition to what you said, I found also:
1. There are other tax considerations for Roth, especially in later years.
2. There is a limit on how many IRA rollovers ( I think one per year per ?). So it is very important to make sure that it is a TRANSFER, not a ROLLOVER, if possible.
I am not a tax expert. Just what I found.

nice shirt Phil 🙂

Better to rollover than withdrawing early to avoid penalties. Great video!

I hope it's not only me who thinks this, but does the camera or lighting make Mr. Phil's head look ginormous like a bobble head comparing to his other older videos LoL. I mean no disrespect to Mr. Phil I love what he is doing for the public and I really enjoyed the 3-day Scholarship program that I went to, I am still brain fried from being thrown so much mud (information) in 3 days. Thank you for the BBQ at your lovely Ranch.

Phil, you said that rolling over a 401k to a Roth IRA means getting taxed, but from what I understand this does not apply to a Roth 401k.

When you rollover your 401k is there fees?

When I was younger I cash it out and that was the dumbest thing I could’ve did. I learned my lesson.

Great video Mr.Phil Town.. Please teach us and share some of your rules on how to make more investments NOW , when all our money is tied up for future returns only, as following long term investment rule… I can only think of dividends but that's again yearly I believe. Solely counting on active income for more investment, but there has to be another way. As active income paycheck can only generate very little money for investing now.

It was easy, just took a few weeks for it to all happen.

What about rolling over 401k to a new employers 401K? Which is better? So, 401k to IRA or 401k to new employers 401k?

Ciao

This came right on time. I’m moving out of state soon. Thanks!

Can someone explain why this “tax exemption” is a big deal, if it is taxed anyway no later than the time I withdraw the money? I don’t see where do I save money with a retirement account, compared to paying my regular taxes, and investing it myself. I need to pay my taxes on the capital and on the profit in any case.
I’m doing it only for the 401k match from my company.