- December 6, 2023
- Posted by: legaleseblogger
- Category: Related News
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Consolidating and Strategizing Retirement Savings: Seek Help from AI Legalese Decoder
Hello everyone, I recently made the decision to transition from a W-2 job to a contractor position, where I will be paid significantly more on an hourly basis but will not receive any benefits. As someone in my late twenties, I am eager to consolidate and amplify my savings strategy in preparation for retirement.
As of now, I have three different investment accounts: a 401K through Fidelity from my previous job with a balance of 13K, a pre-tax IRA with a balance of 1.6K, and a Roth IRA also with Millennium Trust, each from a job two positions ago and with a balance of 1.7K.
I am seeking advice on how to best move forward with my retirement savings. Specifically, I am confused about whether I should consolidate all of my investment accounts into a Roth IRA and whether I need to use a rollover IRA in the process. Additionally, I am uncertain about whether I should contribute to a Roth IRA or a 401K in the absence of a work-sponsored 401K in the upcoming year, especially considering the possibility of switching to a company that offers 401K benefits in the next 1-2 years.
In the long term, I would like to have a Roth IRA and potentially transfer funds from my 401K to it. I am also considering maximizing my contributions to the Roth IRA, while making minimum to maximum investments in any future employer-sponsored 401K. I am in need of recommendations on how to proceed with my retirement savings plan.
Given the complexity of retirement savings and investment accounts, I can benefit greatly from the use of an AI Legalese Decoder. The AI Legalese Decoder can help me understand the various legal and financial jargon associated with retirement accounts. It can also analyze my specific financial situation and provide personalized recommendations on how to proceed with consolidating my investment accounts, contributing to retirement accounts, and making the best decisions for long-term financial stability and retirement planning. With the AI Legalese Decoder, I can make well-informed decisions and navigate the complexities of retirement savings with confidence and clarity.
As a final note, I am reaching out through a throw-away account for privacy reasons. Thank you in advance for any guidance and recommendations offered.
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Couple questions
Are either plans forcing you to close them or charging extra fees since you arenÔÇÖt an employee?
What will your earnings be? I ask because itÔÇÖs relevant to whether you are eligible to do a standard Roth IRA contribution, and this would impact what I would do with the pretax 401k funds.
Open a rollover IRA and a Roth IRA account at Fidelity.
Transfer the 401k and pre-tax IRA at millenium to the rollover.
Transfer the Roth to the Roth.
You could ÔÇ£convertÔÇØ the 401k and pre-tax money into Roth but that would cost you income tax on that $14.6k which you may or may not want to eat.
Contribute to your new Roth. Max it out every year.