ROTH IRA

I was laid off and my potential new employer (if hired) has a 401k but they do not contribute , it would only be me contributing.

My existing 401k is going to just sit where it is now. I do not plan on rolling over to the new 401k.

my question is whether it makes sense to rollover all of the existing 401k to a ROTH IRA (assuming my plan allows this). I have been told the benefits are far greater than a 401k and that the initial amount is guaranteed unlike a 401k which can fluctuate.

someone suggested i invest in an IUL permanent life insurabce policy.

I plan to speak to a financial planner next week but curious if anyone has any insight.

i am about 10 years away from early retirement age of 62… if that matters

thanks

9633

Level 15

Jun 22, 2024 10:47:58 AM

You are wise to get financial professional advice. The principal in a Roth IRA is not guaranteed and fluctuates with the market.

Level 15

Jun 22, 2024 10:53:38 AM

If you convert your 401K to a ROTH IRA it will all be taxable NOW. Unless your 401K is a ROTH 401K. You should roll it over to a Traditional IRA to keep it tax deferred.

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ROTH IRA