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401k roth
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 872094" data-attributes="member: 12570"><p>Jones, from what I could see, there is no way to transfer the balances within an existing 401k directly to the Roth 401k nor is there any way to convert or rollover an existing 401k to the Roth 401k until we are done working. The traditional 401k gives you the tax benefit now while the Roth 401k delays the tax benefit until you begin taking withdrawals. Wouldn't it then make sense to continue contributing to the traditional 401k until just before retirement, set up the Roth 401k and then rollover the traditional in to the Roth upon retirement? There are no tax consequences for rolling over your 401k as it not considered to be a withdrawal. Having two separate 401k's is not nearly as effective as one for compounding purposes. Does this make sense or am I way out in left field?</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 872094, member: 12570"] Jones, from what I could see, there is no way to transfer the balances within an existing 401k directly to the Roth 401k nor is there any way to convert or rollover an existing 401k to the Roth 401k until we are done working. The traditional 401k gives you the tax benefit now while the Roth 401k delays the tax benefit until you begin taking withdrawals. Wouldn't it then make sense to continue contributing to the traditional 401k until just before retirement, set up the Roth 401k and then rollover the traditional in to the Roth upon retirement? There are no tax consequences for rolling over your 401k as it not considered to be a withdrawal. Having two separate 401k's is not nearly as effective as one for compounding purposes. Does this make sense or am I way out in left field? [/QUOTE]
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