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Previous employment retirement accounts before residency

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  • Previous employment retirement accounts before residency

    Hi,
    I just finished reading the wci financial bootcamp book. I'm hoping to start residency in July and went back to look at 2 retirement accounts I have from previous jobs I had. One is a 401a w/ 11k, there is an annual $35 fee, the annual operating expenses are around 0.03%.
    The other is a supplemental pension savings plan (SPSP) w/ 8k, the annual operating expenses are not as good. -I was told the money I put in there was taxed ahead of time and therefore can't be rolled into a Roth account...
    I was thinking of rolling the 401a over to a Roth IRA before residency, I'm not sure what to do with the SPSP.
    Is it worth rolling the 401a over? Any suggestions for a SPSP? Or should I just start from scratch in residency and let these grow on their own separately?
    Thank you

  • #2
    I’m not your financial advisor, but I would, in general, recommend moving the 401a to a Roth before your income jumps. I d/n know enough about the SPSP to provide an opinion, but that is interesting that the $$ goes in post-tax. If you have no say over how it is invested, probably just pretend it doesn’t exist until you can take it out w/o penalty someday.
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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