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Maximizing Your Retirement Savings: A Guide to Consolidating Accounts and Roth IRAs

Maximizing Your Retirement Savings: A Guide to Consolidating Accounts and Roth IRAs

March 01, 2024

As we move into the springtime, it’s a great opportunity to review your financial plans and look in to ways to enhance your retirement savings. One key aspect to think about is transferring your 401(k) to an Individual Retirement Account (IRA).

Why should you consider a rollover? Moving your 401(k) to an IRA can offer you more control over your investments, a wider range of investment choices, and potential savings on costs. Learn more about our process below.

  • Evaluate Your Options: Before making any decisions, review your current 401(k) plan. Assess the fees, investment options, and services offered. Understanding what you have will help you determine if a rollover is the right choice.


  • Choose the Right IRA: Selecting the appropriate IRA is crucial. Traditional IRAs offer tax-deferred growth, while Roth IRAs provide tax-free withdrawals in retirement. We can help you weigh the pros and cons based on your unique circumstances.

 

  • Initiate the Rollover: Contact your 401(k) provider and inform them of your decision to rollover your funds. They will guide you through the necessary paperwork, and we are here to assist you with any questions or concerns that may arise.

 

  • Direct Rollover vs. Indirect Rollover: Consider a direct rollover, where funds are transferred directly from your 401(k) to your IRA, avoiding potential tax consequences. If an indirect rollover is chosen, ensure you complete the process within 60 days to avoid taxes and penalties.

 

  • Review and Adjust Investments: Once your funds are in your IRA, reassess your investment strategy. We can work together to align your portfolio with your current risk tolerance, time horizon, and financial objectives.

 

  • Continuous Guidance: Our team is committed to providing ongoing support. Whether you have questions during the rollover process or need assistance with managing your IRA investments, we are here to help.

If you’re interested in learning more or would like to discuss how we can help you through this process, give us a call today.


Retirement plan withdrawals may be subject to taxation and penalties when withdrawn early. Both qualified retirement plans and IRAs typically involve fees, expenses, and services that should be compared when considering a qualified plan rollover. Neither diversification nor asset allocation assure or guarantee better performance and cannot eliminate the risk of investment losses.