Many of us will have multiple jobs in our lifetime. That often means having multiple employer retirement plans. If you’ve switched jobs in the past and left your retirement dollars behind, you may not be optimizing your retirement strategy and you could be paying more in fees.
Switching employers is stressful enough. Deciding what to do with your 401(k) plan assets can be even more complex. You have four basic options when choosing what to do with your employer retirement plan balances:
- Leave the money in your current plan
- Move it to your new employer’s plan
- Roll the money into an IRA
- Cash out
Each of these options should be evaluated carefully in the context of your current financial situation and your long-term financial goals. Your future is too important to risk making the wrong choice. That’s where your One Nevada membership can help.
Our CFS* Financial professionals at One Nevada Credit Union Investment Group can assist you through the decision making process and help you uncover which options are best for you and your family. By consolidating your employer retirement accounts, you may be able to:
- Save money on annual fees
- Allocate, diversify and re-balance your investments
- Simplify your required minimum distributions
- Enjoy the ease of consolidated statements
If you’ve left your 401(k) balances behind and want to explore your options, one of our local, CFS* Financial Professionals would be glad to help. Schedule your no-obligation financial consultation online today or give us a call at 702-641-4323 in Las Vegas or 800-388-3000 ext. 4323 in Reno.
* Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.
Before deciding whether to retain assets in an employer sponsored plan or roll over to an IRA an investor should consider various factors including, but not limited to: investment options, fees and expenses, services, withdrawal penalties, protection from creditors and legal judgments, required minimum distributions and possession of employer stock.