Do you have a 401(k) with a previous employer? Reasons to consider rolling over your 401(k). 🔁 Wider Investment Choices: Many IRA accounts offer a broader range of investment options, including stocks, bonds, mutual funds, and ETFs, which you may not have access to in an old 401(k).
🔁 Better Control Over Fees: Employer plans may have hidden or higher fees. If you roll over into an IRA, you can choose an account with lower administrative costs, which can help your investments grow more efficiently.
🔁 Tax Benefits and Control: If you roll over to a traditional IRA, you keep the tax-deferred status of your funds. If you choose to do a Roth conversion, you can benefit from tax-free growth and withdrawals in retirement.
🔁 Avoid Losing Track of Your Account: Moving your old 401(k) keeps it from being forgotten, which can happen over time. It can also be challenging to get the paperwork to move it over the longer it’s been. There is no incentive for your previous employer to help you get it moved.
Ready to move yours? I can help you with that.
Disclosures: Thrivent .com/social There may be benefits to leaving your account in your employer plan, if allowed. You will continue to benefit from tax deferral, there may be investment options unique to your plan, fees and expenses may be lower, plan assets have unlimited protection from creditors under Federal law, there is a possibility for loans, and distributions are penalty free if you terminate service at age 55+. Consult your tax professional prior to requesting a rollover from your employer plan.
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