Rolling the accounts over make it easier to manage.. but with a ‘Roll-over’, you have to be willing to do some of the managing yourself (selection of what to invest in).

Rolling over the 401Ks to a Roth is a different proposition than rolling over to a ‘Rollover 401K’. Roths have the advantage that distributions on earnings from it are not taxed.. with some possible exceptions… but the contributions on a Roth are post tax while a 401K contributions are pre-tax.

401K to Rollover IRA
When you roll over a standard 401K to a roll-over IRA, there are no tax hits. The best way to do it is direct (not taking a distribution and then re-investing within 60 days).

401K to Roth IRA
A roll over of a 401K to a Roth IRA does have a tax hit. The contributions to a 401K are pre-tax, to a Roth they are post-tax. There is a tax adjustment to the amount you roll-over. There are also income tax restrictions. If you have a very low income currently (part time employment, unemployed) the rollover of an 401K to a Roth IRA can be quite effective.

401K for a down on a house
There is a way to use a 401K for a down on the house without getting a full tax hit. I am not certain of the specifics of it.

401K cash out
Doing a straight cash out of a 401K is not recommended. Not only do you get hit with income tax on the amount, potentially moving you into a higher bracket as well, there is also a 10% ‘surcharge’ off the top on the amount.

Rolling the accounts over make it easier to manage.. but with a ‘Roll-over’, you have to be willing to do some of the managing yourself (selection of what to invest in).

Rolling over the 401Ks to a Roth is a different proposition than rolling over to a ‘Rollover 401K’. Roths have the advantage that distributions on earnings from it are not taxed.. with some possible exceptions… but the contributions on a Roth are post tax while a 401K contributions are pre-tax.

401K to Rollover IRA
When you roll over a standard 401K to a roll-over IRA, there are no tax hits. The best way to do it is direct (not taking a distribution and then re-investing within 60 days).

401K to Roth IRA
A roll over of a 401K to a Roth IRA does have a tax hit. The contributions to a 401K are pre-tax, to a Roth they are post-tax. There is a tax adjustment to the amount you roll-over. There are also income tax restrictions. If you have a very low income currently (part time employment, unemployed) the rollover of an 401K to a Roth IRA can be quite effective.

401K for a down on a house
There is a way to use a 401K for a down on the house without getting a full tax hit. I am not certain of the specifics of it.

401K cash out
Doing a straight cash out of a 401K is not recommended. Not only do you get hit with income tax on the amount, potentially moving you into a higher bracket as well, there is also a 10% ‘surcharge’ off the top on the amount.

Rolling the accounts over make it easier to manage.. but with a ‘Roll-over’, you have to be willing to do some of the managing yourself (selection of what to invest in).

Rolling over the 401Ks to a Roth is a different proposition than rolling over to a ‘Rollover 401K’. Roths have the advantage that distributions on earnings from it are not taxed.. with some possible exceptions… but the contributions on a Roth are post tax while a 401K contributions are pre-tax.

401K to Rollover IRA
When you roll over a standard 401K to a roll-over IRA, there are no tax hits. The best way to do it is direct (not taking a distribution and then re-investing within 60 days).

401K to Roth IRA
A roll over of a 401K to a Roth IRA does have a tax hit. The contributions to a 401K are pre-tax, to a Roth they are post-tax. There is a tax adjustment to the amount you roll-over. There are also income tax restrictions. If you have a very low income currently (part time employment, unemployed) the rollover of an 401K to a Roth IRA can be quite effective.

401K for a down on a house
There is a way to use a 401K for a down on the house without getting a full tax hit. I am not certain of the specifics of it.

401K cash out
Doing a straight cash out of a 401K is not recommended. Not only do you get hit with income tax on the amount, potentially moving you into a higher bracket as well, there is also a 10% ‘surcharge’ off the top on the amount.

TH,

You also want to check if you are fully vested in your accounts with matching funds. If you roll-over your accounts you will not be able to roll-over your non-vested amounts from the company. I have a fidelity account that I am 3/4 vested (I was laid-off just before my 5th yr). Unfortunately, I am stuck until I retire or get hired by the company again(large company, small possibility).

Lucky In OC

TH,

You also want to check if you are fully vested in your accounts with matching funds. If you roll-over your accounts you will not be able to roll-over your non-vested amounts from the company. I have a fidelity account that I am 3/4 vested (I was laid-off just before my 5th yr). Unfortunately, I am stuck until I retire or get hired by the company again(large company, small possibility).

Lucky In OC

[quote=ucodegen]Rolling the accounts over make it easier to manage.. but with a ‘Roll-over’, you have to be willing to do some of the managing yourself (selection of what to invest in).

401K for a down on a house
There is a way to use a 401K for a down on the house without getting a full tax hit. I am not certain of the specifics of it.
[/quote]

I want to know about this with detalis if anyone knows.I doubt we can do this without tax hit

[quote=ucodegen]Rolling the accounts over make it easier to manage.. but with a ‘Roll-over’, you have to be willing to do some of the managing yourself (selection of what to invest in).

401K for a down on a house
There is a way to use a 401K for a down on the house without getting a full tax hit. I am not certain of the specifics of it.
[/quote]

I want to know about this with detalis if anyone knows.I doubt we can do this without tax hit