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105 sats \ 4 replies \ @denlillaapan 22 Mar \ on: Rolled over 401k into bitcoin today. bitcoin
Forgot to ask (don't live in America, don't know how 401ks work), but how does this practically work?
Your employer wires Unchained money every month, and they auto-buy bitcoin with it on your behalf...?
(I guess you can't/shouldn't be able to move the bitcoin either, given that it's a retirement account)
So how the 401k works is I contribute every week, and my company matches a small % I was putting in 9% of my wages and the company matched 2%. My company got sold and the new company has a different 401k provider.
Everyone who has a 401k with the old company has to have their old one disbursed. I assume the majority will roll it over into their new 401k. I decided to roll the balance into unchained.
Going forward, I have the option of starting a new 401k, which I might , because I can get a 4% match if I do a 6% contribution. What i need to do is find out if the new company allows you to roll over your 401k (not all companies do) and if so, ill probably do it annually.
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Oh right, so you'd have to keep doing this switcheroo to unchained every year? (Unchained isn't a 401k provider, basically, but can hold it eventually)
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It's an IRA, so there's other ways to contribute money to them. I wouldn't doubt if some companies allow you to directly contribute, but I'm not sure.
In order to get a 4% match though I have to use my companies 401k provider, and I'll do the switcheroo whenever they allow.
If they don't allow it, then I have to decide if giving up what is essentially a 4% raise is worth just buying bitcoin instead.
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Tricksy stuff
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