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What does a Bus Ride to Wyoming have to do with YOUR retirement?
Manage episode 363983913 series 3303697
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An in-service 401(k) rollover is the transfer of your 401(k) assets from your current employer's plan to an IRA or another 401(k) plan while you are still employed. This is different from a traditional 401(k) rollover, which happens when you leave your job and take your 401(k) assets with you.
There are a few benefits to doing an in-service 401(k) rollover. First, it allows you to have more control over your investments. With a 401(k) plan, your employer typically chooses the investments that are available to you. With an IRA, you can choose from a wider variety of investments, including stocks, bonds, and mutual funds.
Second, an in-service 401(k) rollover can save you money on fees. 401(k) plans typically have higher fees than IRAs. By rolling your 401(k) assets into an IRA, you can save money on these fees.
Third, an in-service 401(k) rollover can give you access to more investment options. Some 401(k) plans only offer a limited number of investment options. By rolling your 401(k) assets into an IRA, you can access a wider variety of investment options.
Not all 401(k) plans allow in-service rollovers. If your plan does allow in-service rollovers, you will need to contact your plan administrator to find out how to do it.
In-service 401(k) rollovers can be a great way to save money on fees, have more control over your investments, and access a wider variety of investment options. If your 401(k) plan allows in-service rollovers, you should consider doing one.
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Telton W Hall, CFP® is a husband, father, retirement planning expert, small-town-boy at heart, nationally published author, sought-after speaker, former college basketball player, founder/owner/team member of Utah based Advanced Financial Planning LLC, hiking enthusiast, Jesus follower, business leader, team builder, and to the core Telton is an educator.
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