You’ve been saving to your workplace retirement account for your entire career. Are you about to shatter that retirement nest egg when you punch the clock for the very last time? Joe Anderson, CFP® and Big Al Clopine, CPA, explain your options for accessing your retirement plan savings when you leave your employer while avoiding the common mistakes that could cost you thousands if not tens of thousands of dollars.

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Your Money, Your Wealth® TV S10 | E06

00:00 - Intro
00:59 - 2023 Total US assets in workplace retirement plans
01:47 - Accessing Your Savings at Retirement
02:13 - Defined Contribution Plan (401(k), 403(b), 457, TSP, IRA) vs. Defined Benefit Plan (pensions)
03:38 - Defined Benefit Pension Characteristics
04:42 - Post-Retirement Options: Leave It, Roll It, Withdraw It, Convert It
06:14 - Retirement Readiness Guide
07:00 - True/false: You can roll over your 401(k) to an IRA only if you leave your current employer or your employer discontinues your 401(k) plan
07:33 - Pros and Cons of Leaving Your 401(k) With Your Previous Employer
09:13 - Pros and Cons of Rolling Your 401(k) to an IRA
09:42 - Withdrawing Your 401(k) or IRA Money
10:32 - Required Minimum Distributions Explained
12:43 - Retirement Readiness Guide
13:21 - True/false: When you withdraw from a Roth IRA, you won't owe any tax.
14:00 - Pros and Cons of Roth Conversions
16:04 - The Roth Conversion Strategy Explained: Filling the Tax Bracket
17:39 - Tax Diversification: Benefits of Having Money in Tax-Deferred, Taxable, and Tax-Free Accounts
19:22 - Passing Retirement Savings On to the Next Generation
19:56 - I have multiple 401(k) accounts from several past employers. Is there any advantage to combining them while I am still working? Kurt, Mira Mesa, CA
21:03 - If I die before I retire, what happens to my 401(k)? Joan, Tacoma, WA

Pure Financial Advisors, LLC is a fee-only Registered Investment Advisor providing comprehensive retirement planning services and tax-optimized investment management to thousands of people across the nation.

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IMPORTANT DISCLOSURES:
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor.
• Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations.
• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
CFP® - The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation.
AIF® - Accredited Investment Fiduciary designation is administered by the Center for Fiduciary Studies fi360. To receive the AIF Designation, an individual must meet prerequisite criteria, complete a training program, and pass a comprehensive examination. Six hours of continuing education is required annually to maintain the designation.
CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period.