When changing employers or retiring one of the many decisions you need to make is what to do about your 401K account. Do you leave it in your former employer’s plan, rollover to the new employer 401K plan, withdraw the money or rollover from 401K to IRA account?
The smartest choice may be the last.
Why Move Money to IRA
Fee disclosures documents show that 401ks are not the cheapest investment option that many assume. Consumers may end up paying hundreds of dollars a year in fees to keep their money in a former employer’s plan. Every dollar lost in fees is a lost opportunity to earn money.
Another reason an IRA may be the best choice is exactly that. You will not be limited to employer-selected investment funds. You can choose from the wide range of IRA accounts available in the marketplace.
You can potentially have much higher returns between lower fees and broader investment options which can mean tens of thousands of dollars to you at retirement.
FiPath Express Rollover Center Tool
Instead of visiting hundreds of websites trying to find the best IRA for you, try the FiPath Express Rollover Center to determine the best option for you.
FiPath is an independent online resource that provides financial planning information and peer-to-peer collaboration for consumers. Their rollover center lets you compare basic information from IRA providers including costs, fees, services and more with two methods.
Financial Firm Selection
The first is for people that prefer to handle the rollover themselves and minimize costs. They can search based on interests (locations, investment vehicles, etc.) and find the brokerage or mutual fund firm to work with directly.
Some firms presented will be highlighted as best for specific investor types such as “First Time Investors” or “Active Traders”. Plus if there are special offers for new accounts that will be included so you always get the best deal.
Expert Advisor Access
The second option is for those that would like expert advisor access. They can search through advisors that were chosen because of their expertise in 401k to IRA rollovers.
Consumers can initiate contact with up to five advisors who will follow-up via the requesters preferred communication method of phone or email. You decide who to work with and are in complete control at all times.
It’s great to have access to FiPath screened advisors and not deal with annoying follow-up calls if you don’t want to work with someone.
My Thoughts on FiPath Express Rollover Center
First of all, I must say I love the wealth of personal finance information presented in such a clear, concise manner on the website. Best of all, membership is free and it’s an independent site – meaning they aren’t attached to a particular institution.
The express rollover center searches were easy to use and returned matches quickly. I like seeing how each firm’s expenses compared to the national average and if it was a good investment match for me with the investor type information.
I also searched for an advisor and found it very easy to review, select and contact them. It was great to have control over when contacted and preferred method.
FiPath is still entering advisors and there will soon be hundreds from across the country available. Any advisor you find can most likely help you independent of location.
Isn’t it time you took charge of your retirement savings? Check out the FiPath Express Rollover Center for your 401k conversion to roth IRA.
Disclosure: This is a sponsored review. All opinions expressed are 100% mine.
{ 1 comment }
You can also do an in-service rollover (where you’re still employed at the place you have your 401K) if your employer allows it. We recently did that because of poor investment choices in the employer 401K.
Comments on this entry are closed.