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7 Rollover Tips for Those with Money Still in Former Employer 401k Plans
The bottom-line is that there is no cookie cutter solution that satisfies all. Jerry Linebaugh, owner of JLine Financial in Louisiana, says, “Let’s look at the whole picture – age, employment, lifestyle needs, investable assets, emergency assets, plan and admin costs where the money is now vs where it could go, are you employed, unemployed or underemployed including spouse if married – before we make any decisions. There is no one size fits all answer but the answer is not hard to see when everything is on the table.”
On the other hand, let’s be frank, there’s no need to exhibit symptoms of a paralysis of analysis. In many cases, the evidence for action is fairly cut and dried. “Every situation is unique and personal, so it is all relative to their personal goals and objectives,” says Ben Offit, Financial Planner, Clear Path Advisory, Baltimore, Maryland. “However, in most cases I have found that it makes most sense to roll it over into an IRA for better investment management, diversification, and the opportunity for better advice by weaving it into your personal financial plan with an Adviser looking at the whole picture.”
Note: These are the opinions of Jerry Linebaugh and the authors and not necessarily those of the Foundations Investment Advisors, are for informational purposes only, and should not be construed or acted upon as individualized investment advice.
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