IRA 401K Roth and Tax-free

For many workers, a 401(k) plan provides the best opportunity for retirement savings but keeping track of those plans can be difficult. Changing jobs is a fact of modern life and switching employers can be a great way to keep your career moving forward. If you have changed jobs along the way, you may have left your old 401(k) plan where it was, trusting your former employer to look after your money and hoping that the funds continue to grow. The 401(k) plan you left behind still belongs to you but it could be costing you more than it should and providing fewer investment choices. To protect yourself and your money, you may want to consolidate those multiple old 401(k) accounts into a single rollover IRA – one that you can control more easily. Consolidation will bring many advantages, starting with these listed below.

Easier Recordkeeping
From a recordkeeping perspective, keeping track of all those old 401(k) plans can be a real nightmare. If you conduct an annual review of your finances, and you should, having multiple 401(k) accounts will mean more time and additional complications. By consolidating your old 401(k) plans into a single rollover IRA, you will simplify your recordkeeping, so you will have more time for other parts of your financial plan. Also once you retire, having a single plan to pull from will make calculating and taking your required minimum distribution (RMD) far easier.

Simpler Performance Tracking
It is important to review the performance of all your investments, including your retirement accounts. Tracking the individual performance of multiple old 401(k) plans can be a real time waster, and an exercise in frustration. By consolidating your 401(k) accounts, you can simplify future performance tracking. All you need to know is how much you are rolling over and how the money is invested. Armed with that information, you can easily track your annual performance and make sure your retirement plans stay on track.

Greater Visibility of Changes
Having multiple 401(k) plans at former employers introduces another level of risk, one that many employees overlook or underestimate. Changes are fairly common in 401(k) plans and keeping track of those changes can be difficult in the best of times. When you are no longer with the company, you may not receive timely notifications when things change, and that could result in higher fees, less suitable investment choices and other complications. Think back to your time with the company in question. Were changes made to the 401(k) plan during your employment? Did those changes impact your investments and your costs? Those changes have probably not stopped – but moving the old 401(k) to a new custodian could protect you and your money.

Open Your Account Today
At Spencer, we’re committed to your long-term retirement goals. Ask about our limited time 8-Month IRA promotion options, offering a highly competitive rate with 1.) Platinum Checking Account and Direct Deposit or 2.) Platinum Checking Account Only. Also, if you have IRAs at multiple banks and are not getting a great rate, speak to one of our IRA specialists. We can manage all of your IRAs and RMDs easier by consolidating them for you into one great rate. We will handle the paperwork and entire process for your convenience. For more information on this current promotion or other IRA account options, please visit our websitestop by your local financial center or contact our Customer Service Center today!

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