Ask Terry Questions In-Service Roll Over into IRA — Terry is steaming angry at this one!!

In-Service Roll Over into IRA — Terry is steaming angry at this one!!

By Terry Savage on February 28, 2024 | Financial Planning / Retirement

Hello Terry – We recently met with our financial advisor and he suggested, since we’ve hit 59 1/2 yrs old, to move our 401K (FID Frdm Blnd 2030Q – 58% stocks, 41% bonds, 1% short term investments) into an IRA (In-Service roll over)….and start putting “my contribution” into a Roth. What are your thoughts? I’ve had the 401K for 25 years and it feels like my security blanket. We’re looking to retire in about 2 years. Thank you Terry!!!

Terry Says

I think you need to run away from this advisor! He/She is likely paid commissions on the new investments that he will recommend. And likely is paid additional amounts based on the amount of “assets under management!” This is not in your best interests — especially if you are getting a matching contribution on your 40l(k) contributions.

In fact, if you are indeed getting a match on your continuing 40lk contributions, this is borderline criminal behavior. Please write back to the email you receive from me saying your question has been answered, with his name/phone number and I’ll be happy to call and let him know he is being watched and will be reported.
(As you can tell, abusive financial “advisors” really make steam come out my ears!!)

Instead, read this link to get matched with a FEE-ONLY, FIDUCIARY financial advisor you can trust. I’m so glad you wrote before doing this!

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