Thormole
Dryer sheet wannabe
- Joined
- Mar 7, 2009
- Messages
- 17
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!
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!