401k to IRA
My 401k provider (Empower) is recommending transferring my 401k monies to a IRA within their fund. In exchange, I would keep my monies with Empower, gain many more investment options and get assigned a dedicated financial consultant. I am retired and am looking to avoid future consultant fees and income taxes. Should I consider it? Thank you.
Terry Says
I typically recommend that retirees roll their 40lk into an IRA because there is a wider choice of investment options, including conservative money market funds where they can “hide” from market volatility. Read this column: https://www.terrysavage.com/rollover-now/
Now the question is how much Empower charges, what fees are involved and what commissions and management costs. I think this might be the perfect time for a session with a fee-only FIDUCIARY advisor who is not trying to sell you something! Please watch this video which explains how that process works: https://www.terrysavage.com/pam-krueger-wealthramp/
This would be a review of your entire retirement income/tax/estate planning situation — not just investment advice. And that will give you better perspective on what you really need!
