Do you have an old employer 401k plan that you don’t know what to do with? Don Anders discusses whether or not you should do a 401k Rollover to IRA or if you should keep your money in your employer 401k plan.

If you’d like to learn more about your options or to book an appointment with someone on Don’s team, feel free to visit us at

0:00 Introduction
0:23 Should I move an old 401K?
0:40 You do not own the rights of your 401k account
1:18 401K fees can be very expensive
1:35 Two Options: Take the fees, or roll it over
1:58 Factor to Look Into #1: The Investments
2:11 Factor to Look Into #2: The Fees
2:28 My Recommendation: Talk to an Advisor, look at IRAs

#401k #401krollover #donanders #retirementplanning #investing…(read more)

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Old 401k Options: Should I Keep My 401K or Rollover to an IRA?

One of the many decisions you need to make when leaving a job is what to do with your 401k plan. This retirement account, which helps employees save for their golden years, can be a significant source of financial security. But what should you do with it when you no longer work for the company that provided it? Should you keep it as is, or should you consider rolling it over into an Individual retirement account (IRA)? Let’s explore the pros and cons of both options.

First, let’s consider keeping your old 401k plan. The advantage of this option is that it requires minimal effort on your part. You can leave your funds in your previous employer’s plan and not have to worry about managing them or finding a new investment account. Moreover, if your 401k offers exceptional investment options with low fees, keeping your funds in the plan may be a solid choice.

However, there are some downsides to keeping your old 401k. If the plan has high fees or limited investment choices, you may want to consider rolling it over. Additionally, it’s worth noting that if you have multiple old 401k accounts, managing and keeping track of them can become cumbersome. By consolidating your old accounts into one, it may be easier to keep an eye on your retirement savings.

Another option to consider is rolling over your old 401k into an IRA. This conversion allows for more investment possibilities and may offer lower fees. You have the freedom to choose a financial institution of your liking and select from a wide range of investment options, including stocks, bonds, mutual funds, and more. An IRA can also provide you with greater control over your investments and allow you to tailor them to your specific retirement goals.

Additionally, another advantage of an IRA is that it offers the option of a Roth IRA conversion. This means you can roll over your traditional 401k into a Roth IRA, allowing your savings to grow tax-free. However, keep in mind that this conversion has tax implications, and consulting a financial advisor is recommended to understand the potential costs and benefits.

Nevertheless, rolling over your old 401k may require more effort on your part. You will need to select a financial institution, open an IRA account, and initiate the transfer process. It’s crucial to review the fees, investment options, and customer service ratings of different financial institutions before making a final decision.

In conclusion, deciding whether to keep your old 401k or rollover to an IRA is a personal choice that depends on various factors. If you are satisfied with your old plan’s investment options and fees and prefer minimal involvement, keeping your 401k may be the right option for you. However, if you desire more investment choices, lower fees, and greater control over your retirement savings, rolling over to an IRA is worth considering. Remember, consulting a financial advisor can provide valuable insights into your specific circumstances and help you make an informed decision.