On today’s episode, I am answering the question: What should you do with your old 401K? You may have a 401K from a job that you were at previously and are wondering what exactly you should do and how. I am answering that for you on today’s episode. Tune in to hear more! Need more tips like this? Start your FREE 7-Day Trial in Wealth Demystified: https://university.financesdemystifie…
On today’s episode, I am answering the question: What should you do with your old 401K? You may have a 401K from a job that you were at previously and are wondering what exactly you should do and how.
- The first thing you want to do is pull your most recent 401K or retirement statement. You want to figure out what type of account you have and what type of investments you have in this account to get a clear understanding.
2. The second thing you want to do is contact the 401K provider. Let them know you have transitioned out of your old job and into a new one and ask them what the options are for moving to a new one.
3. Once you fill out the form they may ask you to fill out, you need to have somewhere for this money to go. It should not be your bank account.
4. Contact a new investment account or broker and open an account there.
Now that you have this new account open and you have your account number, you’re going to be able to now provide that account number to your old retirement plan provider and they can start the process to move those funds over to your new account.
I also explain to you about the ways you can transfer these funds over.
So, these are my exact steps that you need to take so that you can regain control over your own retirement accounts!
I hope you found this episode helpful. If so, share it with a friend. Connect with me on Instagram @dominiquebroadway
In this episode, we covered:
-What you should do with your old 401K
Resources and links mentioned in this episode:
-Check out last week’s episode (LINK)
MORE ABOUT TRUE WEALTH CONVERSATIONS WITH DOMINIQUE BROADWAY
True Wealth Conversations is your safe space to have healthy and wealthy conversations about life, love, business and motherhood. Together we will unlock the true meaning of wealth with weekly episodes hosted by Top Millennial Money Expert Dominique Broadway.Dominique has won numerous awards such as being named one of the Top Financial Advisors for Millennials in the U.S., Changemaker of the Year, Businessperson of the Year in Washington D.C. and the Top 30 under 30 in Washington D.C. She does all of this while also being a mom of 2, a friend, and an inspiration to many. Connect with Dominique across social media: @dominiquebroadway or learn more on her website at: www.dominiquebroadway.com.