What Military Spouses Can Do With Multiple 401ks

What Military Spouses Can Do With Multiple 401ks

A military spouse’s retirement is an important part of a military family’s retirement planning. Thankfully more and more military spouses are taking advantage of using Individual Retirement Accounts or employer 401ks to save for their future. The challenge for military spouses is to decide what to do in situations where you have multiple 401k accounts because of your many job changes due to PCSing. In this episode, I talk with Patrick Ortman, a military spouse and a Certified Financial Planner on best practices military spouses can use to help them make decisions and manage multiple 401ks. Patrick founded Ortman Financial Planning in 2016, a financial planning and investment management firm located in Bethesda, MD. He has a strong focus on his clients’ overall financial well-being and recognizes that money is only a tool to help achieve the vision each person has for their life. Patrick and his wife, Kate, have four boys ages 5-12. Kate is currently serving in the Navy Reserves and Patrick has been a proud military spouse for over 13 years.

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Military Spouses and Multiple 401ks Episode Details

  • 401k 101
  • What it’s like having multiple 401ks
  • Steps to consolidate multiple 401ks
  • Using an IRA to consolidate accounts
  • The importance of simplifying and controlling your retirement
  • Know where to turn for advice
  • Rules around 401ks and IRAs
  • Is cashing out a 401K good move
  • Focus on growth and creating healthy money habits
  • Common mistakes to avoid
  • Importance of Military Spouse retirement planning
Related: Spousal IRA: What Military Spouses Should Know

What to Do with Multiple 401ks Resources

More Podcast: Saving for Retirement with IRAs

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