You SHOULD Rollover Your 401k To An IRA #shorts #retirement #financialfreedom

Should I Rollover My 401k to anIRA 🤔 || 401k to IRA Rollover Pro’s & Con’s

In this video, I want to talk about rolling over your 401k to an IRA Rollover and if that makes sense for your retirement planning.

I want to look at the pro’s to rolling over a 401k and also the con’s to rolling over a 401k. When you should rollover your 401k to an IRA and when you should NOT rollover your 401k to an IRA.

Let’s talk about when you should NOT rollover your 401k to an IRA:
1. You are still working and are under the age of 59.5
2. You are 55 and considering retirement (Rule 55)
3. Increased creditor protection in a 401k
4. 401k’s offer loans–IRA’s do not offer loans

Why you SHOULD rollover your 401k to an IRA
1. More investment choices in IRA over 401k
2. Lower investment fees
3. Convert IRA to Roth IRA (Roth IRA Conversion)
4. Consolidation from multiple 401k’s to single Traditional IRA

If you have an old 401k with a previous employer you have 4 options:
1. Leave the 401k at the old 401k plan
2. Roll the 401k to your new 401k
3. Cash out your 401k
4. Roll your 401k over to an IRA

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Pearl Wealth Group
Drew Blackston, CRC® & RFC®
Office: 813-807-5060
Info@pearlwealthgroup.com

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When it comes to planning for retirement, many people rely on their 401k plans to provide them with financial security during their golden years. However, did you know that you can actually rollover your 401k to an Individual retirement account (IRA)? Here are a few reasons why you should consider rolling over your 401k to an IRA.

More Investment Options

401k plans are typically limited in their investment options. You may be restricted to investing in a handful of mutual funds or index funds. On the other hand, IRAs offer a wider range of investment options, including individual stocks, bonds, and exchange-traded funds (ETFs). By rolling over your 401k to an IRA, you can diversify your investment portfolio and potentially earn higher returns.

Lower Fees

Many 401k plans come with high administrative fees and investment fees, which can eat into your returns over time. With an IRA, on the other hand, you may be able to find lower fees. In fact, there are many IRA providers that offer no-fee or low-fee accounts. By reducing your fees, you can help to increase your retirement savings over time.

More Control

By rolling over your 401k to an IRA, you gain more control over your retirement savings. You can choose the investments that are best for your financial goals, and you can adjust your portfolio over time as your needs and risk tolerance change. With a 401k plan, you are limited to the investment options chosen by your employer.

Ease of Management

If you have multiple 401k accounts from previous employers, managing them can become quite complicated. By consolidating your accounts into a single IRA, you can simplify your retirement planning and make it easier to manage your investments. Plus, you can continue to contribute to your IRA over time and potentially earn more over the long-term.

In conclusion, rolling over your 401k to an IRA can provide a number of benefits. By diversifying your investments, reducing your fees, gaining more control and simplifying your retirement planning, you can set yourself up for a comfortable and secure future. Speak with a financial advisor to discuss the best options for your situation.