Register free!
Search
 
     

The Green Industry's Resource Center


Click for Weather
Reply
 
Thread Tools Display Modes
  #1  
Old 06-17-2014, 01:49 PM
JF660R JF660R is offline
LawnSite Member
 
Join Date: May 2011
Location: SW MO
Posts: 68
What did you do with your 401k?

For those that have left their "real job" to do their own thing, did you roll your 401k into an IRA?

Did you have stocks that you ... cashed out?
Posted via Mobile Device
Reply With Quote
  #2  
Old 06-17-2014, 08:15 PM
Firefighter337's Avatar
Firefighter337 Firefighter337 is offline
LawnSite Senior Member
 
Join Date: Feb 2008
Location: Augusta, GA
Posts: 373
Rolled into my new retirement. Roth is smart too. But your limited every year.
Posted via Mobile Device
Reply With Quote
  #3  
Old 06-18-2014, 01:21 PM
JF660R JF660R is offline
LawnSite Member
 
Join Date: May 2011
Location: SW MO
Posts: 68
Hey thanks. Did you just set up an independent retirement with an advisor?

I've been reading about IRA vs Roth IRA.
Posted via Mobile Device
Reply With Quote
  #4  
Old 06-18-2014, 01:48 PM
southerntide's Avatar
southerntide southerntide is online now
LawnSite Bronze Member
 
Join Date: Apr 2014
Location: Alabama
Posts: 1,542
Cashed it out before the banks close and take it lol
__________________

2014 JD 920M 7-Iron Pro 48" 23.5 hp Kawi
05' Gravely 148z 1700+ hours 21 hp Kawi
Echo
5x10 (upgrading winter)



All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.
Arthur Schopenhauer, (1788 – 1860)
Reply With Quote
  #5  
Old 06-18-2014, 02:10 PM
Firefighter337's Avatar
Firefighter337 Firefighter337 is offline
LawnSite Senior Member
 
Join Date: Feb 2008
Location: Augusta, GA
Posts: 373
I have a friend in financial planning. He set the roth up.

Cobtributing money into a roth the money is posttaxed meaning you do not pay taxes on that money later. Regular ira the pretaxed meaning you pay a percentage later after you plan to retire.
Posted via Mobile Device
Reply With Quote
  #6  
Old 06-18-2014, 02:20 PM
Patriot Services's Avatar
Patriot Services Patriot Services is online now
LawnSite Fanatic
 
Join Date: Jul 2006
Location: Tampa FL
Posts: 8,225
This is where its good to start a relationship with a finincial advisor. Once you start making more money than you need to fund your business and pay yourself its time to make that money start working for you and keeping the IRS from taking anymore than it deserves.
Posted via Mobile Device
Reply With Quote
  #7  
Old 06-18-2014, 10:44 PM
shane-pa shane-pa is offline
LawnSite Member
 
Join Date: Feb 2012
Location: emporium, pa
Posts: 173
got laid off. cashed out to pays some bills and bought a Kubota BX 23.
Reply With Quote
  #8  
Old 06-19-2014, 10:45 AM
hackitdown hackitdown is offline
LawnSite Silver Member
 
Join Date: Apr 2004
Location: Groton, MA
Posts: 2,208
I didn't do the adviser approach. I went into a Fidelity office and opened an IRA. They did the rollovers on the spot (I had 3 separate 401Ks from 3 previous employers at 3 separate banks). They made the calls, did the forms, emails, whatever it took to transfer the cash. Then I set up an automatic monthly transfer from my checking account so I keep saving. You can do it online or over the phone if there is no office nearby. Or just do it at a local bank.

They pushed hard that day to get me to buy Fidelity investment products (their own mutual funds). I didn't buy any of the funds they were hawking, I just put it in cash to start. Then I bought some Vanguard mutual funds and individual stocks bit by bit over the course of 2 years. My dad gave me some advice, and we talk all the time about trading stocks. I am 40% funds and 60% dividend producing (boring) stocks. They have a nice online system for trading.
__________________

Supah-Duty
Exmark-Gravely-Scag
Stihl-Redmax
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump





Powered by vBulletin® Version 3.8.6
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Copyright ©1998 - 2012, LawnSite.com™ - Moose River Media
All times are GMT -4. The time now is 11:47 AM.

Page generated in 0.08616 seconds with 9 queries