There are plenty of questions to ask before rolling over your old 401(k)
There are plenty of reasons why rolling retirement assets from one account to another makes sense, but there are also plenty of questions to ask and answer before making that decision.
Rollovers are neither right nor wrong by themselves. The decision to roll assets over should be made on a case-by-case basis. For example, some people might want to leave the money in their former employer’s plan because of the investment strategy available there, said Carl Holubowich, a certified financial planner and a principal of advisory firm Armstrong, Fleming and Moore, Inc. They might also be ready to retire, and want to use the money soon.
“It gets complex real quick if you don’t do a direct rollover,” said Matthew Saneholtz, a certified financial planner and co-owner of Tobias Financial Advisors. “Always do a direct rollover unless there is a special circumstance.”What to look out for If the worker held employer stock in his or her retirement account, they should work with a financial professional who understands the rules around transferring or selling those assets to avoid a hefty tax bill, Wener said.Once the money has been moved over, it’s imperative to invest the account properly.
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