Should You Rollover Your 401k Into An IRA
Are you nearing retirement or thinking about changing jobs? One of the most common questions people face is what to do with their 401(k). Should you keep it where it is, or roll it over into an IRA? In this video, we’re going to discuss the reasons you might want to roll over your old 401k today.
This question comes up a lot at BFS so we’re going to share some of the guidance we provide to people deciding on a rollover IRA. We’ll explore the pros and cons of rolling over your 401(k), the benefits of increased investment options, and the importance of tax efficiency. This is your chance to learn about in-service rollovers, the potential pitfalls of keeping multiple 401(k)s, and why consolidating accounts can be a wise move for your financial future.
Here’s what we discuss in this episode:
0:00 – Intro
1:58 – Scenarios that allow you to roll over old 401Ks
3:42 – Benefits of a rollover IRA
6:42 – Tax considerations in rollovers
9:35 – Consolidation & fees
12:13 – Common concerns
14:04 – Reason you’d keep the old 401k
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Investment Advisory Services offered through CreativeOne Wealth, LLC, a SEC registered investment adviser. CreativeOne Wealth, LLC and Bowman Financial Strategies are unaffiliated entities.
Licensed Insurance Professional. We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. 19770 - 2020/2/10
Investment advisory services are provided in accordance with a fiduciary duty of care and loyalty that includes putting your interests first and disclosing conflicts. Insurance services have a best interest standard which requires recommendations to be in your best interest. Advisors may receive commission for the sale of insurance and annuity products. Additional details including potential conflicts of interest are available in our firm's ADV Part 2A and Form CRS (for advisory services) and the Insurance Agent Disclosure for Annuities form (for annuity recommendations).