Luke DeBoer

CFP®
Personal Finance, Retirement, Investing
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“Luke DeBoer, Founder of Thinking Wealth”
Firm:

Thinking Wealth

Job Title:

Financial Adviser

Biography:

Luke DeBoer is the Founder of Thinking Wealth.

Luke earned his Bachelors of Science in Finance at St. Cloud State University and his MBA at The Carlson School of Management at the University of Minnesota with a concentration in Tax, is a CFP®, and is currently in the process of becoming a Certified Benefits Professional.

Check out the Way to Wealth blog on thinkingwealth.com for deeper insights.

Education:

BS, Finance, St. Cloud State University

Assets Under Management:

$1 million

CRD Number:

5696562

Disclaimer:

What I'm writing here is not advice and should only be read with the knowledge that it is informational only. If you want my advice as to how anything I write might apply to you personally you should reach out.



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    Personal Finance, Retirement, Investing, 401(k)
Should I roll over my 401k?
100% of people found this answer helpful

Regarding the question of rolling over. It is a very good question that is somewhat loaded if you're asking a finance professional. Keep in mind as you're reading these answers that most "advisors" have a direct incentive to tell you to roll your old 401(k) into an IRA. 

With that being said, there really isn't a catch-all correct answer. Some considerations though. 

1.) Many 401(k)'s give you access to institutional level funds that are less expensive than the version you may be able to buy through an IRA. However, not all 401(k)'s give you access to these. Generally speaking, the larger the company the lower cost the investment options are. 

2.) Consider your investment strategy. If you are self-directed and hands-off then you are likely better off just keeping your assets either in the current 401(k) or your new 401(k), due to creditor protection and the possibility/likelihood of lower cost investment options. However, if you are using an advisor he/she may only manage the accounts that are directly held with him/her. So you may need to roll over into an IRA simply to get professional advice. 

3.) Consider long-term tax management. You may want to systematically convert pre-tax assets to Roth (fill up your tax brackets with Roth conversions). This is often times better handled in an IRA due to the ability to reverse the decision. 

Hope this helps!

September 2016
    401(k), Taxes
How does my roth distribution affect my tax bracket?
100% of people found this answer helpful
September 2016
    Financial Planning, Retirement, Retirement Plans
Where can I find a reputable flat fee financial advisor?
100% of people found this answer helpful
September 2016
    Retirement, Retirement Plans
What should I spend first in retirement to minimize high RMDs and avoid return risk?
100% of people found this answer helpful
September 2016
    Banking, Financial Planning
What are the pros/cons of using a taxable investment account?
100% of people found this answer helpful
September 2016