I have a buddy who asked me some advice on 401ks. He has two from previous employers, he doesn't know what to do with them. Not sure what they are worth, he is a BOH mgr at a high end restaurant that gives nothing for retirement.
I want to have a retirement dialogue with him. First off, what are his options with the 401k, should he just leave them be? Can he roll-them up into one 401k? Can he transfer it into an annuity or ira?
My knowledge so far of these things are max out qualified plans, supplement with an annuity for deferred (or immediate) income when retiring. Add life insurance for a diversified income stream. Any other ideas (I purposely left out SS planning, he's young and doesn't plan on seeing it, it will be bonus money used to cover inflation)?
Thank you!
I want to have a retirement dialogue with him. First off, what are his options with the 401k, should he just leave them be? Can he roll-them up into one 401k? Can he transfer it into an annuity or ira?
My knowledge so far of these things are max out qualified plans, supplement with an annuity for deferred (or immediate) income when retiring. Add life insurance for a diversified income stream. Any other ideas (I purposely left out SS planning, he's young and doesn't plan on seeing it, it will be bonus money used to cover inflation)?
Thank you!