401k or IRA – Where Should You Keep Your Retirement Money?- Episode 145
Maybe you’ve been saving most of your working life in a 401k. Great! But what happens when you retire? Should you leave that money in the 401k, or transfer it to an IRA? The answer, as it turns out, is “it depends.” Today’s episode starts off with an email asking why someone may want to do one or the other – or both.
Further along, we answer more of your email questions: taxes, 401k matching funds, Social Security benefits, and how pension payments may affect your ability to collect a full retirement benefit.
Email questions answered today with podcast host Johnny Dean and Rick “The Professor” Plum, CFP® on this week’s episode of Managing Your Financial Future!
Important Information:
You should always seek counsel of the appropriate advisor prior to making any investment decision.
IRA withdrawals will be taxed at ordinary income rates. Withdrawals prior to age 59½ may also be subject to a 10% penalty tax.
Lucia Capital Group is not affiliated with or endorsed by the Social Security Administration or any government agency.
Social Security rules can be complex. For more information about Social Security benefits, visit the SSA website at www.ssa.gov, or call (800) 772-1213 to speak with an SSA representative.
Rick Plum is a registered representative with, and securities and advisory services offered through LPL Financial, a registered investment advisor and member FINRA/SIPC. The investment professionals are affiliated with LPL Financial and are conducting business using the name Lucia Capital Group, a separate entity from LPL Financial.
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