Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Two weeks before fire'd.
Old 03-13-2016, 03:30 PM   #1
Dryer sheet wannabe
Thormole's Avatar
Join Date: Mar 2009
Posts: 17
Two weeks before fire'd.

Well, the time has almost come. I'll be fire'd in two weeks after 37.5 years at the same company, just a week before I turn 60. I've spent years on this site reading and learning from so many great people. Thank you!! I'm hoping I can help others here over the years by sharing some of my experiences.
The question I have now concerns my 401K. Since I have always been a saver, I contributed after tax money to the company savings plan before the creation of 401K's. Saving plan balances were added to the 401K account once they started. Currently 22% of my 401K consists of after tax funds.
I have read that early in 2015, the IRS passed a ruling that will allow such 401K's to be rolled over, with the pre-tax funds going into a regular IRA, and the after tax funds going into a Roth IRA with no tax liability.
I would like to do this later in the year, but wanted to find out if anyone had already done this and how it went? Thanks!
Thormole is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-13-2016, 03:44 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
Join Date: Mar 2007
Posts: 13,104
I did it before the IRS clarified the rule, so it was a little iffy.

I had my 401(k) administrator write two checks directly to Fidelity (in my case). One check went into a Roth and one went into a tIRA rollover account.

My biggest problem was the incompetents switched the amounts and I had to wait a month for them to reissue new checks, so I lost a month's earnings - about $1000. I mention this because it is worth your time to micromanage the process. No one cares about your money like you.
travelover is online now   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
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
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Two Weeks In... Not Exactly What I Expected Jager Life after FIRE 53 06-30-2014 06:18 PM
Two credit cards hacked 4 weeks apart mystang52 Other topics 10 03-30-2013 07:08 AM
I almost died two weeks ago Surfdaddy Health and Early Retirement 17 10-05-2007 12:28 PM
comments from coworkers in my last two weeks savedapile Life after FIRE 67 05-21-2007 03:50 PM
I've Gone Two Weeks TromboneAl FIRE and Money 12 05-28-2005 11:13 AM

» Quick Links

All times are GMT -6. The time now is 11:46 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.