Many times people leave a job and leave their old 401k behind. This could be a huge mistake! What happens to the money you have saved in your employee retirement plan?
With the volatile economy we have seen the past five years, many people have changed jobs. They often leave their job and don’t know what to do with their retirement plan at work. When you leave a job, you generally have four choices when it comes to your retirement plan money:
1. Cash it out (and lose part of it to taxes and possible tax penalties)
2. Leave the money in the plan (with only a handful of investment options)
3. Roll it into a new workplace retirement plan (with limited investment choices)
4. Roll it over into an IRA (with no taxable event occurring, and with the ability to direct the money into many different types of investments)
The smart move in most cases is to consider an IRA rollover. It often gives you more investment choices, better flexibility, and often-lower fees. An IRA rollover is a great choice, and I can help you accomplish it. Through a trustee-to-trustee transfer, you avoid the 20% withholding tax that would otherwise be incurred by simply taking a distribution from the old plan and depositing that money in an IRA.
Want more tax-deferred growth for your retirement savings?
An IRA rollover allows that to happen. You get continued tax deferral, you retain personal control over the money, and you can revise or change your investment mix as you wish.
Sound good? Call me at 866-594-9919. The more you study the options, the more you realize that the IRA rollover stands out as the smart choice. I can help you map out your investments and help you set up a plan to achieve your goals! Call me for a FREE 30 minute consultation or fill out this form and we will contact you to arrange a meeting.