Did you know that there are 28 million forgotten 401k accounts out there…and more than $1.5 TRILLION in forgotten 401k assets??

If you’re wondering, “What to do with 401k if I leave my job” or “What should I do with an old 401k?” then this is the video for you!

In it, I’m explaining…
–401k rollover options
-what is a rollover IRA
-401k to IRA rollover
-how to roll over 401k

Basically, everything you need to know about a 401k rollover to IRA is in this video! So, hit play and start retirement planning with confidence!
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MENTIONED IN THE VIDEO:
What retirement accounts can be rolled over and into what accounts:
Want to roll over your old 401k? Use Capitalize! 👉

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LEARN MORE ABOUT: 401k Plans

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When it comes to preparing for retirement, one of the most common investment options is a 401k plan. However, sometimes it becomes necessary to roll over that plan into another investment option. In this article, we’ll explain what a 401k rollover is and share the best 401k rollover option.

What is a 401k rollover?

A 401k rollover is the process of transferring funds from one 401k plan to another investment option. The most common reason for a 401k rollover is when an individual changes jobs and needs to move their retirement savings from their previous employer’s 401k plan to a new plan or an individual retirement account (IRA).

There are two types of 401k rollovers – direct and indirect. A direct rollover involves transferring funds directly from one retirement plan to another, without the individual ever having access to the funds. An indirect rollover involves withdrawing funds from a 401k plan and then redepositing them into another qualified retirement plan. However, an indirect rollover must be completed within 60 days of withdrawal to avoid taxes and penalties.

The Benefits of a 401k rollover

There are several benefits of a 401k rollover. One of the most significant benefits is the ability to consolidate all retirement savings into a single account, making it easier to track and manage retirement assets. Additionally, rolling over a 401k plan can provide more flexibility in investment options and can potentially lower investment fees, resulting in more significant returns in the long run.

The Best 401k rollover Option

When it comes to selecting the best option for 401k rollover, there are several choices, including:

1. Roll Over to a New Employer Plan – If the individual is changing jobs, they can roll over their 401k plan into their new employer’s plan, assuming the new job offers a retirement plan.

2. Roll Over to an Individual retirement account (IRA) – If the individual is not changing jobs or their new employer does not offer a retirement plan, rolling over a 401k plan into an IRA is an excellent option. An IRA offers a wide range of investment options and can potentially offer lower fees.

3. Roll Over to a Roth IRA – If the individual is willing to pay taxes on the funds now, rolling over a 401k plan into a Roth IRA can provide tax-free withdrawals in retirement.

Ultimately, the best option for a 401k rollover will depend on the individual’s unique circumstances and retirement goals.

Conclusion

A 401k rollover can be an excellent way to consolidate all retirement savings and potentially increase investment returns. Whether an individual is changing jobs or looking for more investment flexibility, choosing the right 401k rollover option can make all the difference when it comes to achieving retirement goals.