Jason Clark, Charles Schwab, Clark Howard discussed on Clark Howard
Have a lot of assets, you own your home free and clear, we'll talk a third of people. Do you've got things that are value don't cheap out on liability coverage when you decide to get quotes, make sure you have a decent amount of liability coverage because people see those billboards people see those TV ads. People see those signs on the side of buses that you have won the lottery, you might not have you don't have to worry about winning the big game or the mega millions. You just have to be in an accident that you got somebody. You can go sue. We're a sue happy country. I was on the west coast of Florida recently. And there was this billboard in this person's smiling who'd been injured in an accident and the billboard the person's talking about how some lawyer got him six hundred sixty thousand dollars and they're smiling ear to ear got people out there like that. So make sure that if you got stuff the you've got enough liability insurance if you got a lot of stuff meaning money. And you own stuff free and clear you want to look into an umbrella which sits on top of your regular coverage as additional liability very cheap to buy for what you get sold in increments of one million dollars of additional protection for you in the event somebody who's able to hold you responsible for something that went wrong and their lives, and they don't have to necessarily show that you're at fault. But you just have to convince the insurance company is not worth their time to defend you, and they just start handing out checks. Jason joins us on the Clark Howard show. Hi, Jason Clark. How are you? Great. Thank you. Jason. You've got money hanging out all over the place. I I do and I know what to do with it. All right. Let me see if I can help. These are good problems to have about the way. Yes, sir. I've got a I've got two different 4._0._1._K accounts from two different companies. I've worked for in the past one is currently sitting about eighteen thousand some chains and the other one around seven thousand. No longer work for them. And the company I currently work for does not offer a 4._0._1._K. So I guess the question is what do I do with this money? That's sitting were you. You do have the option just leaving. And were those big companies small were in between that you were with before. Okay. So the one with eighteen thousand is one of the most concerned with a smaller company, and I'm worried if they go out of business what happens to that money where the money would be okay in the 4._0._1._K. But if it's a small business, there's a different issue, and that small businesses tend to have very high costs four one ks right? So I would skedaddle that money out quickly and move it to one of the low cost providers and have an IRA with one of them the three big low cost providers for having IRAs are vanguard, Charles Schwab and Fidelity Investments. Okay. Let me tell you something do not call the administrator of the 4._0._1._K and say, hey, I want to move this money out into an IRA. They'll say great, what address do you want to send you a chat? Never take a check. Because what they do is. They would subtract thirty six hundred dollars from the Czech. They'd send you and send it to the IRS is withholding and you have to make up that thirty six hundred in the next sixty days or you end up paying massive tax for not being able to make that up..