401(k) Rollover Options

401(k) Rollover Options

September 02, 2022
Job change? Don't forget about your retirement account!
Changing careers, retiring, or starting your own business? There are many things to consider when beginning a new chapter. Don't overlook this important financial housekeeping item: Your Old 401(k)!
We can help you make the best decision for your situation. Your options include:
1) Roll it into your new 401(k) / 403(b)

Pros: Ease of management and consolidation

Cons: Subject to the administrative restrictions of the plan admin and potentially limiting fund choices

2) Roll it into your own new or existing IRA

Pros: Wider investment choices/control and consolidation

Cons: May lose some loan provisions many employers provide

3) Leave it with your old employer

Pros: May be pleased with performance and management to date

Cons: No control over investments which may change with new plan administrators

Many people have old retirement plans they have forgotten about. We recommend using online tools or calling your old employer to locate and find out the investment details of these orphaned accounts.
These are just a few considerations and no one's situation is the same. Review and research the fees, restrictions, and benefits of each or ask an advisor to help. Email us at info@wendellcharles.com if you would like professional guidance! We provide a detailed analysis and present you with all the information you need to make an informed decision.