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Have you ever wondered what to do with your 401k? One option is to roll your existing 401(k) into an IRA. Watch this video to learn more about your retirement savings after you leave your job.
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There are a lot of benefits for rolling over old 401(k)s to an IRA, here’s a few of the most important:
401(k)s are notorious for having a limited amount of funds available to choose from. With an IRA, you open up more investment opportunities.
This helps your investments remain more diversified and helps ensure your portfolio is invested appropriately for your long term goals.
Many investment options in 401(k)s have higher fees associated with them than what you would have available in an IRA. By rolling over your 401(k) into an IRA, you can save on fees for the fund selection and also administrative fees.
These highest fees are usually in the form of a fund’s expense ratio. 401(k)s are known for higher than average fees, especially if your 401(k) is with a smaller company. If you are using funds with expense ratios over 1%, you may be able to save a lot of money by moving your 401(k) to an IRA and using low cost alternative funds.
401(k)s typically limit the amount of money you can withdraw and how often you can withdraw.
With an IRA, you’re free to withdraw as much money as you need, as often as you want – as often as you’re over age 59-1/2.
When we manage investments for clients we can set up automatic bi-weekely, monthly, or quarterly deposits from their Schwab investment accounts into their checking and savings accounts.