A common mistake people make when entering into a new job is not rolling over their old 401(k) accounts. In this quick video, we explain the basics of completing the rollover process and ensuring you don't lose out on any retirement savings.
While rolling over old retirement accounts may sound complicated, it's actually not that difficult. Watch this video with an advisor, Alex Assaley as he walks you through the basic steps to getting your new accounts rolled over and how to get the most out of your savings. The basics to rolling over your 401(k) plan are as simple as 1-2-3, so find out all the information you need in our short 401(k) Plan Basics: Rollovers video below.
Video sCRIPT
Today we're talking about 401(k) rollovers, so a common question I'm asked is when you leave a job and start a new one what am I supposed to do? How do I roll it over? This is a big mistake a lot of people make and it can feel daunting to get your accounts all in one place, but it's actually not that difficult. The first step is to make sure rolling your old 401(k) into the new plan is the best decision for you and there are a few things you'll want to look at the figure this out:
1. Investment options you have available at each of the 401(k)s
2. Cost/Expenses of Investments
3. How actively do you want to monitor your investments?
If you decide it makes sense to roll over an old 401(k) into the new one the first step is to get your most recent statement and find out who your vendor is. You can reach out to them and let them know you'd like to roll over your old 401(k) into your new employer's retirement plan. In order to get it completed, you'll need to know the name of your new 401(k) plan, who the vendor is, your plan ID number, and the mailing address of the new 401(k) account. Once you have all that information provide it to your old 401(k) vendor and they'll either cut you a check or wire your money to the new account. Every vendor is different but it's really that easy to get all your assets into one place so you can do a much better job at managing all your financial future.
