401(k) Rollover Solutions:More Options in the Market

It's worth noting that there may be reasons why leaving your 401k at your old job could make sense for you. For example, if you have access to excellent investment options with low fees and you're happy with the level of control you have over your investments, you may not need to roll over your 401k. However, it's generally a good idea to review your options and consider your long-term financial goals before making a decision.

Less Fees

Some 401k plans have high fees that can eat into your investment returns over time. By rolling over your 401k to an IRA, you may be able to reduce your fees and potentially earn more money over the long run.

• According to Investopedia “401 (k) fees can range between 0.5% and 2%, based on the size of an employer's 401 (k) plan, how many people are participating in the plan, and which provider is offering the plan. The average annual fee charged by most funds is 1%, as per the Center for American Progress.”

Professional Management and Advice

If your retirement goals have changed since you left your old job, you may want to move your 401k into an account with investment options that better align with your new goals.

Consolidation

If you have multiple 401k accounts from previous employers, consolidating them into one account can make it easier to manage your retirement savings.

Simplification

Leaving your 401k at your old job can create administrative headaches, especially if you move or change your contact information. By rolling over your 401k to an IRA, you can simplify your retirement savings and make it easier to keep track of your investments.

More Control

When you rollover your 401k, you gain more control over your investments. You can choose the investment options that best suit your financial goals and risk tolerance, rather than being limited to the options offered by your former employer's plan. Work with a trusted advisor to discuss the options and make sure they are right for you.