What are some reasons to rollover?…(read more)

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In our previous article, we discussed what an IRA rollover is and the different options available for moving your retirement savings from one account to another. In this article, we will focus on the reasons why you might consider doing an IRA rollover.

One of the most common reasons for doing an IRA rollover is to consolidate your retirement savings. Over the course of your career, you may have accumulated multiple retirement accounts from different employers. By rolling over these accounts into a single IRA, you can make it easier to manage your investments and keep track of your savings. This can also give you a better view of your overall retirement portfolio and allow you to make more informed investment decisions.

Another reason for doing an IRA rollover is to gain access to a wider range of investment options. Some employer-sponsored retirement plans have limited investment choices, which can restrict your ability to diversify your portfolio. By rolling over your retirement savings into an IRA, you can have access to a much broader range of investment options, including stocks, bonds, mutual funds, and exchange-traded funds.

Additionally, doing an IRA rollover can also provide you with more flexibility when it comes to managing your retirement savings. With an employer-sponsored plan, you may have limited control over how and when you can access your funds. By rolling over your savings into an IRA, you can choose a custodian that offers the features and services that fit your specific needs. This can include options for distributions, beneficiary designations, and estate planning.

Furthermore, an IRA rollover can also help you save on fees. Some employer-sponsored plans may come with high administrative and investment fees, which can eat into your retirement savings over time. By rolling over your savings into an IRA, you can potentially reduce your investment costs and keep more of your money working for you.

Lastly, doing an IRA rollover can provide you with more control over your retirement savings. With an IRA, you have the ability to choose the investments that best align with your financial goals and risk tolerance. You also have the freedom to make changes to your investment strategy as your needs and circumstances change over time.

In conclusion, there are a number of reasons why you might consider doing an IRA rollover. Whether you want to consolidate your retirement savings, gain access to more investment options, or have more control over your funds, an IRA rollover can offer you the flexibility and freedom to make the most of your retirement savings. If you’re considering an IRA rollover, it’s important to carefully weigh the potential benefits and risks and consult with a financial advisor to ensure that it aligns with your overall financial plan.