Ask Terry Questions 401K conversion to an IRA

401K conversion to an IRA

By Terry Savage on May 02, 2024 | Financial Planning / Retirement

Hi Terry,

I have been told a 401K is a great way to accumulate retirement savings but, not a great distribution tool. It was suggested I roll my current 401K into an IRA. I am retired now.
My questions are :
1) Do you agree about the saving vs distribution strengths of 401K/IRA’s?
2) If I choose to roll my 401K to an IRA can I do so in increments vs. All of the 401K at once.

I ask the second question as I am concerned about security of having a check sent to me and then me to the IRA investment group. I am worried about a loss or stolen check with my 401K savings. My thinking is to move 401k from one investment group to another different investment group. Both are very known. Fidelity and Cetera.

Thanks for advice.



Terry Says

If youre retired, you should definitely do a rollover.  But don’t let those greedy “financial advisors” handle your money and put you into an annuity product.  You can — and should — do this yourself.  Read this:

Rollover Now – Terry Savage

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