Basically, a rollover is moving money from a previous retirement account into a new one.
For example: When you leave your job, you could move your money from your work retirement plan into an IRA.
Benefits of combining your retirement accounts could include: simplified planning, reduced management fees, and decreased paperwork.
Your retirement plan may offer you the ability to transfer outside assets into your plan. As you weigh your options, there are some key factors to evaluate.
- Consolidation: Pros and cons of having more than one retirement account versus fewer.
- Fees: Examine the fees assessed in your existing plan, and compare those with the fees in the plan that you are considering rolling assets into. This includes investment fees.
- Performance: Consider plan performance and returns in deciding whether to roll over assets or retain them in an existing plan.
- Investment options: Review all plan investment lineups to understand the choices for each.
- Available services: Consider other services or arrangements offered by the plan, such as access to tools, education, resources, and managed account services, which assigns oversight to a third party.
Contact us to discuss your options. We are happy to help.