401(k) Rollover

401(k) rollovers are used when someone desires to rollover their existing retirement plan into a new individual retirement account. This usually occurs when you change employers or retire. This provides control on how retirement savings are invested. There is no limit on the dollar amount you can rollover from your previous retirement plan or plans.

401(k) Rollover Options

  • Take the money out in cash: This is usually the least desirable option for investors as you will likely create a taxable event.
  • Leave the money with your old employer's retirement plan: This can make it difficult to manage retirement accounts and might cause fees to be incurred.
  • Transfer the money into a new employer's retirement plan: Most employers allow you to transfer your money into their retirement plan.
  • Transfer the money into a rollover IRA: This is the best option for many investors. It allows greater control, increased organization, investment advice and improved investment flexibility.

When you leave your employer or retire, you will need to decide what to do with the money you have accumulated in your employer's existing plan. Let Patrick Financial Group, L.L.C. help educate you to make an informed decision about your 401(k) Rollover and available options.

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