Created: January 28, 2022
Modified: September 15, 2022

Podcast Episode 237: Answering Questions on Saving and Rollovers

What You’ll Learn:
Family will always be your priority in life but it can also lead to some tough conversations when it comes to retirement planning. Today we’ll discuss some of the common scenarios we come across when working with clients and how we work through them.

Saving comes in many different forms and we have two examples of that in our latest podcast.

This episode of Money Wisdom will tackle a couple of questions that came into our office that can both be grouped into the topic of saving but under completely different circumstances.

The first question comes from someone who has been fortunate to see great success with a start-up company they work for. Being there from the beginning has provided significant financial rewards. So much so that they are having trouble allocating all their money. Once you’ve maxed out retirement contributions, where should the money go next?

Tech is a very volatile industry, which means there are extreme financial highs and lows. Many people working in tech haven’t seen the really lean times in a while and forget how tough it can get. But that doesn’t mean you shouldn’t enjoy the money you’ve worked hard for. Spend some of it on yourself and your family but make sure you’re still setting money aside as well. Those added savings act as an insurance policy that doesn’t cost you anything but protects you in case the start-up starts to have trouble.

The next question we discuss on the show is a pretty common one but important to consider. With many people changing jobs right now, there’s a decision that has to be made about what to do with the 401(k) with your old employer. Should you leave it where it is or does it make more sense to roll it over to your new employer?

Well, that answer depends. Maybe you should but maybe you shouldn’t. There are considerations to make on both sides of the argument and it will depend on the specifics within your account. But we’re big proponents of having flexibility and control with your retirement accounts and we use rollovers quite a bit with our clients. We’re happy to discuss the other factors that go into the decision like costs within those accounts.

We’ll leave you with one financial fact today: A person’s IQ can decrease by 13% when they’re stressed. Think about what impact that can have on our finances when you’re acting emotionally. Building a comprehensive plan can help alleviate many concerns and worries you might have so contact us and get your Money Map review started.

0:19 – Financial Fact

2:04 – Question on investing excess money

4:18 – Question on rolling over a 401(k)

6:18 – Get your Money Map review

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