What did you do with your 401k?

Discussion in 'Starting a Lawn Care Business' started by JF660R, Jun 17, 2014.

  1. JF660R

    JF660R LawnSite Senior Member
    Male, from SW MO
    Posts: 266

    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
     
  2. Firefighter337

    Firefighter337 LawnSite Senior Member
    Posts: 373

    Rolled into my new retirement. Roth is smart too. But your limited every year.
    Posted via Mobile Device
     
  3. JF660R

    JF660R LawnSite Senior Member
    Male, from SW MO
    Posts: 266

    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
     
  4. southerntide

    southerntide LawnSite Platinum Member
    Male, from Alabama
    Posts: 4,724

    Cashed it out before the banks close and take it lol
     
  5. Firefighter337

    Firefighter337 LawnSite Senior Member
    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
     
  6. Patriot Services

    Patriot Services LawnSite Fanatic
    Posts: 12,533

    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
     
  7. shane-pa

    shane-pa LawnSite Senior Member
    Posts: 337

    got laid off. cashed out to pays some bills and bought a Kubota BX 23.
     
  8. hackitdown

    hackitdown LawnSite Silver Member
    Posts: 2,490

    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.
     
  9. adam.neusbaum

    adam.neusbaum LawnSite Senior Member
    Posts: 622

    Cashed out the $35k & paid everything off. Now to keep it that way is the challenge. Should have bought TSLA stock at the time for $160/share.
    Posted via Mobile Device
     
  10. Kelly's Landscaping

    Kelly's Landscaping LawnSite Platinum Member
    Posts: 4,276

    Iv just starting doing the research into setting up roth 401ks through my company for the 2 owners. I like how high the annual limits are.
     

Share This Page