401k Rollover Options: How to Move Your 401k to an IRA | Investing Sense

by Retirement Advisor | Nov 19, 2022 | Rollover IRA | 2 comments

Learn more about 401k Rollovers

Rolling your 401(k) into an IRA is one way to manage your former employer’s 401(k) if you’re leaving a job or retiring. Certified Financial Planner Andy Smith of The Mutual Fund Store presents guidelines on how to better manage your IRA rollover.

Rolling over your old 401(k) dollars into an IRA typically offers the most benefit and flexibility. A rollover IRA allows you to move the balance of an old plan directly to an IRA account avoiding the tax implications and penalties associated with a 401k withdrawal. These accounts will typically allow a wider range of investment options, as well as more flexibility when it comes to making withdrawals; however, keep in mind that you will be solely in charge of managing the account in addition to your new 401k, which could require more homework and dedication.

Although a 401(k) rollover into an IRA can provide more investment options, some brokers take advantage of investors and these options and convince them to roll their 401k’s into inappropriate investments. Everyone will want your 401k rollover when the time comes, and people will come out of the woodwork to “help”. Only you can control where that money goes. So do not let yourself be a walking cash register for these brokers.

Instead, make sure you work with an advisor who acts as a fiduciary, like our investment advisors at The Mutual Fund Store. At The Mutual Fund Store, we’ll provide you 401(k) rollover advice and actively manage your retirement dollars, starting with a customized plan based on your needs. Our process is simple, quick and the smarter alternative to leaving your 401(k) plan with an old employer….(read more)