401k in one place ?
Hi Terry , I am retired , have some money in my 401k in Transamerica without any financial advisor , and some in other companies which is growing. Should I get a advisor in Transamerica paying 1% every year or consolidate in my other plans . Thank you and appreciate your help .
Terry Says
There is absolutely no reason to pay 1% a year to a financial advisor as long as you are satisfied with your investment results. Just be organized, and make sure you have a list of all your retirement accounts, and have named a beneficiary for each.
If you are wanting to “consolidate” several accounts into one, by doing a DIRECT ROLLOVER, then have a place like Vanguard or Fidelity do the transfer for you, so you don’t incur taxes. That way it is easier to calculate required minimum distributions each year, and for you to see how your investments are balanced in stocks or other investments inside the rollover.
