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Converting your 401(k) to a Roth IRA after residency or fellowship

Many residents and fellows will contribute to a 401(k) or 403(b) over the course of their medical training. They should be commended for saving for retirement on just a resident’s income. Often, newly-minted attendings wonder what to do with these 401(k)s or 403(b)s from their training hospitals. In particular, they wonder whether they should convert their 401(k) to a Roth IRA. 4 options: some better than others In general, there are four things you can do with your old 401(k) from residency: 1. Keep it at your old hospital There’s no requirement to rollover your 401(k) from residency. You can keep the account at your old hospital indefinitely. If your old hospital’s 401(k) has exce...

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