Should You Roll over Your 401(k) When You Retire?

Senior man: roll over your 401(k)?

Do you wonder if you should rollover your 401(k)? After all, your last day at work is coming up. You’re dreaming about your new freedoms — like meeting friends for coffee on a Monday … in your running gear.

Over the years, you’ve invested in your 401(k) with the added benefit of your company’s matching contributions. Now, with that final check just around the corner, it’s time to make some decisions about your 401(k) plan…

Roll over your 401(k) and make a clean break from work

Along with clearing out your desk and grabbing the plant, this might be a good time to close the work chapter of your life … including taking your 401(k) and investing it elsewhere.

After all, your company may appreciate you moving your money, as they’re responsible for the processing expenses associated with your account.

Take control and explore other options

You have investment opportunities that will give you more control over your money.

You can roll your 401(k) into an IRA. Typically, IRAs offer greater withdrawal flexibility than a 401(k), allowing you to set up distributions to fit your new lifestyle.

Get a ‘forever’ paycheck

For many folk heading into retirement, they need to know they’ll have income for the rest of their life.

To ensure an ongoing stream of income, that might include putting some of your 401(k) into an annuity. If you go that route, take the time to research all your options, as well as talking to an adviser you trust.

Live life to the fullest!

You’re looking forward to your new post-work life. And on that day, as you take the first sip from your caffe latte, you’ll be able to relax, knowing you’ve done your research and secured your 401(k) for a long and happy retirement.

Our My Senior Health Plan Retirement Specialist, Aaron, can help you navigate your retirement planning. That includes answering your 401(k) questions, exploring all your investment options and setting you up for a worry-free retirement.

Get in touch!