401k Rollover Info & More

Using a 401k calculator can help you determine how much money you should be contributing each month, or how much you will be able to withdraw. A 401k retirement calculator can also tell you whether you’ll have enough money to retire at the desired age so you can see if you need to increase your contributions in order to meet your retirement goal. Read the rest of this entry

So you’ve made the tough choice and have decided to do a 401k cash out, now what? While it’s our least favorite option because you get hit with some pretty hefty penalties, we realize that sometimes it just needs to be done particularly when the economy is grim. We won’t guilt trip you here but I just want to say one last time that cashing out your 401k should be your absolute last option. Make sure that you have exhausted all of your other options to get money before you go this route. With that being said, we’re going to cover what it entails, how to do it and what penalties you may incur. Read the rest of this entry

Your best option when you’ve severed ties with your previous employer is to opt for a rollover 401k.  A 401k rollover is the best option because you are allowed to transfer your already existing retirement account to another account without being taxed or penalized for doing so. It’s a pretty seamless transition that helps you continue to grow your retirement funds without a big chunk of your money going to the tax man, Read the rest of this entry

I think one of the most common questions that people ask when it comes to rolling over their retirement funds is what are the 401k rollover drawbacks? The answer to that question depends on where you are rolling over your retirement funds too.

If you rollover to a brokerage IRA, the main drawback to this is cost. With a brokerage IRA, if you place a trade with a broker you will be charged a fee every time that you place a trade. Read the rest of this entry