Mar 4, 2019
In this episode of Inside the Plan, Bill Bush and Andy Bush, Advisors at Horizon Financial Network, give us some valuable insight on which choices you can make for your 401K plan when leaving an employer. Learn the pros and cons on everything from withdrawing from your 401K plan too early, to rolling over your old plan into your new employer’s plan.
3 Key Points:
Before deciding whether to retain assets in a 401(k) or roll over to an IRA, an investor should consider various factors including, but not limited to, investment options, fees and expenses, services, withdrawal penalties, protection from creditors and legal judgments, required minimum distributions and possession of employer stock. Please view the Investor Alerts section of FINRA website for additional information
- “Know your employer plan specifications. You can find that in the summary plan description usually.” – Bill Bush.
- “Your going to have to keep up with more accounts if you still got that one at the old 401K.” – Andy Bush.
- “Maybe their IRA is serving as kind of a basket of some of those old 401K tombstones, and its collecting all of those dollars into one spot. And, they likely have an advisor that is guiding them.” – Andy Bush.