Ep 12: Listener Questions – Combining 401(k)s, Paying For Weddings, A Stock Selling Catch-22

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Today we’re sharing more financial questions we have received and how they might help you. You might find yourself in a similar situation and need this guidance.

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Show Notes

On today’s episode, we’re answering more questions we often receive. The answers could help you and your financial situation. 

I have several old 401(k)s from companies I used to work for. Can I combine them in one account, or should I?

You are not alone. This is a common thing we help clients with. Think about your kitchen junk drawer. We typically ignore the drawer until we decide we should do something.

Over time, people can collect different stocks and accounts. While it might have been right when you got it, it might not be right anymore. You could leave old 401(k)s at your old companies, but you can organize it better in one location. You can potentially roll it over into your current plan or into an IRA.

If you do a proper rollover, it is a non-taxable event. But should you do this? We advise clients to put these investments into one location and roll them into an IRA. It can help you take control of your money.

We have two daughters in their mid-20s, and we’ll probably be paying for their weddings soon. What’s a good way to invest for an expense like this? We’ll probably need it soon, but we don’t know when.

Well, what does “relatively soon” mean – two years, four years, seven years? When we’re saving for big events, we have a tendency to go, “Hey, how can we get our money to grow as fast as possible for this big event?”

If it’s under five to seven years, you want to keep that money safe and liquid by using a money market or savings account.

Listen to the entire episode or click on the timestamps below to skip ahead to a particular question.

3:09 – Old 401(k)s

9:28 – Saving for weddings

14:15 – Apple stock

21:29 – No plans to retire

Thanks for checking out this episode. We’ll talk to you again soon.

 

“When we’re saving for big events, we have a tendency to go, “Hey, how can we get our money to grow as fast as possible for this big event?””

-Scott Sierens

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