Converting 401k to IRA

You’ve left your previous employer, either by way of a layoff or you’ve switched to another job and you left your 401K there.  You’re starting to get letters in the mail asking you to take this account and roll it over to an IRA.  This is a very simple process but it’s important that you to take this of matter sooner than later.  Converting you old 401k to an IRA is quite simple.

You’ll fill out an IRA application and a Transfer Form and the money in your old employers 401K plan will be transferred electronically into your new IRA where you’ll sit down with that Advisor and discuss what investments options in that account make sense for your situation today.  If you have 401k at an old employer, you need to really take control of this account and make sure that it’s doing the best it really can for you.  Your investment choices at your old employers plan are fairly limited as they are with most 401k plans.  The benefit for any individual to convert these monies to an IRA is the unlimited choices available for you, as far as investment options.  It may be different for you compared to your neighbor or friend or relative, but you need to make sure the investments inside this account are tailored to your needs, your time frame and your risk tolerances.  Getting this accomplished is very simple and this just needs to be done.

If your old employer has sent you letters asking you to move the money from your old 401K plan to an IRA or a new employer, call me today.  This is something you need to take care of to really get control of your retirement planning.  In addition to making better investment choices that may be in there now, we’ll go through and show you with this account where will it be, what will it grow to hypothetically in 5, 10, 15 and 20 years.  It’s important for you to know where you are and where you’re heading.  I’ll also show you, in addition to this 401K account, if you’ve saved an extra amount of money on a monthly basis weather that’s $25 or $525 how does that benefit you when you’re getting ready to retire.  It’s important to know where we’re heading.

At Renaud and Co, we believe there’s are only two numbers that matter.  The first is how large will your nest egg be at retirement?  The second, is from that nest egg, how much money can you spend on a monthly basis without touching the principal.  Every decision we make, which stock, which mutual fund, which bond, those are very important decisions that we take a lot of time with and make sure everyone is comfortable with before we move forward.  But each of those decisions is geared toward you achieving your retirement dreams.

For more information about converting a 401K to an IRA, contact Matt Renaud at Renaud & Company.  636-240-5055