February 17, 2025

What should I do with my old 401k?

24 minutes

In this episode, financial advisors Jim Martin and co-host Casey Bibb discuss the various options available for managing an old 401k from a previous job. The options include leaving it in place, rolling it into a new employer's plan, cashing it out, or moving it to a self-directed IRA. They explore the pros and cons of each option and provide guidance on making the best decision based on individual circumstances. Additionally, they delve into the intricacies of Social Security survivor benefits and the financial implications of a spouse's death, emphasizing the importance of comprehensive financial planning for retirement.

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00:00 Introduction: What to Do with an Old 401k

00:25 Meet the Hosts: Jim Martin and Casey Bibb

01:16 Exploring Your 401k Options

01:49 Option 1: Leaving Your 401k as Is

03:44 Option 2: Rolling Over to a New Employer Plan

05:14 Option 3: Cashing Out Your 401k

06:29 Option 4: Rolling Over to a Traditional IRA

08:31 Recap of 401k Options

12:43 Special Considerations for 403Bs and 457s

14:22 Social Security and Survivor Benefits

22:06 Closing Thoughts and Outro

Opinions expressed herein are solely those of Martin Wealth Solutions, unless otherwise specifically cited. Material presented is believed to be from reliable sources, but no representations are made by our firm as to another parties’ informational accuracy or completeness. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that any statements, opinions or forecasts provided herein will prove to be correct. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation. Past performance may not be indicative of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. Securities investing involves risk, including the potential for loss of principal. There is no assurance that any investment plan or strategy will be successful.

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