How to Refocus Your Retirement With a Rollover


For lots of good reasons, you’ve left a trail of company retirement accounts in your wake as you’ve climbed the career ladder. We know: You may have been busy. And there are certainly more fun things to think about than retirement, which seemed so far in the future.

But now all those orphaned accounts could be holding you back. If part of your retirement money is stuck in a 401(k) with only a few good investment choices, or a forgotten individual retirement account with high fees—you could be losing money. Over a career, and a string of job changes, those mistakes can add up to thousands of lost dollars.
Plus, having multiple retirement accounts can make it harder to know what investments you hold. For instance, people who own more than one type of retirement account are more likely to invest in a higher percentage of stocks than those who don’t, according to a recent study by the Employee Benefit Research Institute. And that might not be the best mix for you at this stage in your investing life.

“With multiple accounts, it can be difficult for clients to get a true sense of whether they’re properly allocated and taking an appropriate amount of risk,” says Brandie Farnam, a LearnVest Planning Services certified financial planner™.

Luckily, one of the quickest ways to regain perspective on your retirement is rolling over those balances into fewer accounts, which could include an IRA, a former employer’s retirement plan or your current employer’s plan.

The bottom line: Not knowing the consequences of your rollover choices can cost you money. And nobody’s going to roll over your accounts for you. That’s why we’ll take you through your choices to tell you everything you need to know to gain more control over your nest egg.

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