Starbucks Baristas: The daily grind
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what happens with the 401k if you quit? (self.starbucksbaristas)
submitted by croissantboyy
So i have a 401k set up with sbux and a good chunk in it. i was wondering what i'm supposed to do to make sure i don't lose it if i were to quit sbux. also should i sell my stock that was given each year before quitting or should i continue to let it vest ?
persona-2 3 points 1y ago
401k is a deferred retirement account. You must keep it as a retirement account or you get a penalty and taxed on it. This means you can leave it where it is with fidelity, move it to another retirement account like a ROTH, or if your new job has a 401k plan you can move it there.
Most people do the last one.
Most people do the last one.
jpnotaru15 1 points 1y ago
Roth is the type of account, not the account itself. I think what you're referring to is an IRA. You can roll your 401k over to IRA.
You can have a Roth 401k or a traditional 401k at Starbucks and you can set up a Roth IRA or traditional 401k to roll those funds into. Roth is simply after-tax, traditional is before tax.
You can have a Roth 401k or a traditional 401k at Starbucks and you can set up a Roth IRA or traditional 401k to roll those funds into. Roth is simply after-tax, traditional is before tax.
croissantboyy [OP] 1 points 1y ago
Thank you!! that was super informative. I think the last option will be the way i go too!!
ImpressiveVariation0 3 points 1y ago
So 401K I think you can either pull it out or get it transferred to your new workplace? I’m not 100% sure on that one. But for stocks you’ll have to sell them
croissantboyy [OP] 2 points 1y ago
Thanks !!
evilash85 2 points 1y ago
Keep the 401k and move it to your new job but definitely sell the stocks cause those will disappear when you quit. If you have a sip account and bought them yourself I’m pretty sure those will stay but any bean stocks will be gone.!
croissantboyy [OP] 1 points 1y ago
Thank you!! This is definitely important to know
dmaer13 1 points 1y ago
while we’re here, can anyone help me out on what the first steps on setting up my 401k would be?
jpnotaru15 1 points 1y ago
I believe you get an email from Starbucks indicating when you become eligible around 90 days of employment. It should look something like "Fidelity Netbenefits".
Enroll in the account and select your contribution amount and whether you want to contribute pre-tax (Traditional) or post-tax (Roth) funds. At **minimum**, contribute 5% of your pay, because Starbucks will match that 5% and you double your money instantly. Anything less than 5% and you are losing out on "free money".
Enroll in the account and select your contribution amount and whether you want to contribute pre-tax (Traditional) or post-tax (Roth) funds. At **minimum**, contribute 5% of your pay, because Starbucks will match that 5% and you double your money instantly. Anything less than 5% and you are losing out on "free money".
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