Transferring funds from your 403(b) retirement account can be a tricky process, especially when it comes to managing Roth and pretax contributions. In this video, we dive into the potential pitfalls, including the risk of paying taxes twice on your hard-earned money. Learn the best practices for ensuring your transfers are handled correctly, why separating Roth and pretax accounts is crucial, and what to do if a mistake happens.
Stay tuned as we provide actionable advice to avoid costly errors, tips for managing account numbers, and insights into deferred compensation plans. Want to learn more about retirement planning and stay updated? Join our free community (link down below) for exclusive courses and resources.
0:00 Intro: The Double Taxation Risk
0:15 How Roth and Pretax Contributions Are Tracked
0:33 Common Mistakes During Transfers
1:01 The Rookie Error That Leads to Double Taxation
1:29 Best Practices for Handling 403(b) Transfers
2:01 How to Fix Mistakes in Transfers
2:36 The Growing Issues with Deferred Compensation Plans
2:50 Join Our Free Retirement Planning Community
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DISCLAIMER
**Advisory Services offered through Intirety, LLC a registered investment adviser. Intirety LLC and Scenic Financial are not associated with the Washington State Department of Retirement in any way. Scenic Financial makes content available as a service to its clients and other visitors, to be used for informational purposes only. While our best intentions are to provide accurate and timely information, you should always consult with retirement, tax, and legal professionals prior to taking any action. 🕸️
