Trust me, I do this every day
By Zack Marcotte • June 13, 2019
A client told me he had recently changed jobs and asked if I would roll over his 401(k)—into an existing Roth account. I asked if he knew whether his original 401(k) had been a traditional, or a Roth. Was he sure?
He was a little gruff at my complicating something so simple. But I really encouraged him to call his 401(k) company and verify it, first. Because I suspected it was most likely a traditional 401(k)—which would have rather large tax ramifications for him that he wasn’t considering.
Wouldn’t you know it? He called me—on my day off. It had indeed been a traditional 401(k) and I had just saved him a costly mistake. I came into work and opened a traditional IRA for him right then.
Zack is a CERTIFIED FINANCIAL PLANNER™ professional, Accredited Investment Fiduciary, Accredited Wealth Management Advisor, Chartered Retirement Planning Counselor, and Retirement Management Advisor.
As Director of Financial Planning at Berkshire Money Management, he partners with recent retirees and people nearing retirement to create actionable plans for achieving their financial goals. He is especially interested in tax planning – he hates taxes and wants to help you pay less of them.
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