rajeeeramParticipantStatus: PhysicianPosts: 1Joined: 07/27/2019
I have accumulated some $30,000 in my 403(b) account from residency. I am currently doing a fellowship (this program offers 403(b) too) for 1 year and I would prefer not to move the my previous 403(b) contributions to my fellowship program due to the short duration of the fellowship. What other options are available to me? Thank youJuly 27, 2019 at 3:51 pm MST #234133jacoavluModeratorStatus: Physician, Small Business OwnerPosts: 2382Joined: 03/01/2018
1 leave it where it is. could move it later
2 rollover to IRA
3 convert to Roth
consider option 3 if your marginal tax rate is low enough (<25% or so)
The Finance Buff's solo 401k contribution spreadsheet: https://goo.gl/6cZKVAPedsModeratorStatus: PhysicianPosts: 4452Joined: 01/08/2016
Did you read the other posts?
Thanks @jacJuly 27, 2019 at 3:56 pm MST #234158LordosisParticipantStatus: PhysicianPosts: 1863Joined: 02/11/2019
As long as it has a somewhat decent choice I would just leave it where it is for now and roll it into your next plan.
Consider the Roth conversion if you are in a low tax bracket.
“Never let your sense of morals prevent you from doing what is right.”July 27, 2019 at 5:33 pm MST #234185Faithful StewardParticipantStatus: Financial Advisor, Small Business OwnerPosts: 519Joined: 06/12/2017
- Leave it where it is.
- Roll it into your current plan, then roll the entire current plan into your next employer’s plan.
- If you have the money to pay the conversion taxes on the $30,000, roll it directly into a Roth IRA.
- If you plan to do annual Backdoor Roth IRA strategy, do not roll it over into a Rollover IRA, as it will cause pro-rate rule issues.
Michael Peterson, CFP® | Faithful Steward Wealth Advisors
https://ProsperousPhysician.com | (717) 496-0900July 28, 2019 at 11:29 am MST #234391