Over the last half century most people have a experienced a job change at least once. What most companies don't tell you is that you are eligible to roll over your old 401k to your new employer or to an individual IRA. This can help with the confusion of having multiple accounts and allow you to consolidate your money to one or possibly two spots. In today's fast paced society and with the economy facing challenges, it's important to know where your money is and how it's performing at all times. The same goes for those retiring now. Many retire and have multiple accounts from 401k's to IRA's and are not aware that consolidation is an option. Also, if you are over the age of 70 and 1/2, the IRS requires you to take your RMD's from each account. If you do this incorrectly it can cost as much as 50% of your distribution for doing it the wrong way. Consolidation can simplify this process and allow you to avoid this mistake.
At SRS Wealth Management, Inc. we advise our clients on all the practical options available, even if it means not making any money. We are risk adverse and don’t think you should take any unnecessary risks with your future. We know one bad year could wipe out 5 good years. We look at all aspects of our clients’ situation: their cash flow needs, their investment goals, and their level of risk tolerance and offer solutions that fit their needs. Then we look again next year, and the year after that, and the year after that… Nothing stays the same.
Another very important added dimension we provide is the estate planning component. It is not just enough to get the best return ON your money; we are also concerned about the return OF your money and how to protect it from future catastrophes. All these things work together and you should not be making decisions on one segment of your financial affairs unless you are comfortable with how it fits into your overall financial picture.
If you have multiple IRA/401k's or are about to retire, or you are unhappy with your current situation, call us at 740-242-0173 for a free discussion about what options are available for you.