I just left my job, what should I do with my retirement? (#165)

Financial Advisors Say The Darndest Things

Episode Summary: In this episode of "Financial Advisor: Say the Darndest Things," AB Ridgeway addresses the crucial topic of retirement planning for Christians. He emphasizes the importance of taking control of one's retirement funds when leaving a job and provides valuable insights into managing retirement accounts effectively.

Key Takeaways:

1. Take Control of Your Retirement Funds: Ridgeway highlights the common tendency among Americans to leave their retirement funds with their former employers. He emphasizes the importance of transferring these funds into personal accounts to avoid potential complications and ensure full ownership.
2. Consider Employer Contributions: Ridgeway advises listeners to assess whether their employers are still contributing to their retirement accounts. While employer contributions can be advantageous, he stresses the need to weigh this against the potential benefits of transferring funds to a personal account.
3. Understand Distribution Strategies: Ridgeway discusses the significance of thoughtful distribution strategies for retirement funds. He warns against the tax implications of withdrawing funds without proper planning and suggests exploring options like direct rollovers to mitigate tax liabilities.
4. Be Aware of Tax Implications: Ridgeway underscores the importance of understanding the tax implications of retirement account management. He cautions against overlooking potential tax liabilities, especially for high earners, and recommends seeking professional guidance to navigate tax-efficient strategies.
5. Plan Strategically for Retirement: Ridgeway encourages listeners to approach retirement planning with a strategic mindset. From assessing immediate financial needs to considering long-term wealth management, he emphasizes the value of comprehensive planning to ensure a secure retirement.

Quotes:

1. "Your money should come with you. I mean, you put in the work, you put in the hours, you made the money, it's yours."
2. "No one wants to pay taxes. Maybe you're not ready to pay the taxes on it. Maybe you don't need the whole amount."
3. "For which of you desiring to build a tower does not first sit down and count the cost, whether he has enough to complete it." (Luke 14:28)

💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!

https://calendly.com/abridgewaywm/consultation

*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.