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
Retirement income strategies and retirement income planning are two big pieces to anyones retirement planning calculator. Whether you are wanting to know strategies for “retirement planning at 30”, “retirement planning at 40”, “retirement planning at 50”, or even “retirement planning at 60” understanding how much retirement income that you want versus how much you need gives you a roadmap to follow to and through retirement.
Here at Pearl Wealth Group, we run a trademarked retirement investment and retirement income plan for individuals and families who are wanting to retire called “Your Financial EKG™.” What we are trying to visualize is how long a persons retirement savings are going to last throughout retirement. If you are looking for early retirement planning tips or trying to saving for retirement in your 50’s, You Financial EKG™ is a great tool to help you understand where you are retirement planning. Retirement planning and retirement income strategies shouldn’t be complicated. They should just be done right.
**To schedule your virtual retirement and investment consultation with Drew, please select a day & time that works best for you: https://calendly.com/pearlwealthgroup/discoverycall ** ☎️
❌ **Please make sure you talk with your CPA, Financial Advisor, Retirement Planner, or Investment Advisor Representative, before implementing any content from this channel. All videos are for informational and educational purposes only. None of the content, comments, responses, information, or any other item on this channel constitutes financial advice or recommendations. Please call Pearl Wealth Group at 813-807-5060 to go through your Retirement Income, Retirement Investments, or Retirement Plan in more detail.** ❌