Trust me, I do this every day
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.
Similar Posts
-
I broke up with their advisor for them
My clients came to me looking for help. They were ready to leave their financial advisor at a major national brokerage. However, because they were not even comfortable reaching out to their advisor in their day-to-day relationship, they felt overwhelmed by the prospect of “breaking up” with them. I offered, “What if I help you through it?”…
By Scott Little
July 18, 2023 -
We found a solution and they got their dream home
I had a client come to me and ask how they could qualify for a mortgage if they don’t have income? Their current home had become a burden and they needed to start the process of finding their next (more manageable) dream home. They assumed that selling their current home would need to come first,…
By Nate Tomkiewicz
June 14, 2019 -
How dreams come true at BMM
Two of our clients, a husband and wife on the West Coast, are successful entrepreneurs raising three beautiful children. Their oldest child is a freshman in high school and an elite athlete, traveling the United States and Canada playing hockey. During a portfolio review at their kitchen table, they told me that their son’s dream…
By Peter Coughlin
June 12, 2019
