By Brooks V., Branch Manager and Guest Blogger
After 14 years in the investment business I can say that in some cases rolling your old 401(k) over into a Rollover IRA is a good idea. Why? Well, there are several reasons.
Take Control
The first is control. You may find it easier to oversee your assets when they are in an account you manage. If you are no longer employed by a company, handling account issues through the company representative or the plan administrator can be difficult. As an example, I assisted a client a number of years ago with getting funds out of an old 401(k). It had been 10 years since the client left her employer, and during that time the company had changed hands and the 401(k) had a new plan administrator. The client had also moved and the current plan administrator had no current information on the client. Getting access to her funds at that point was a lot more difficult than it would have been if she had simply rolled over her 401(k) into an individual retirement account (IRA) soon after she left her former employer.
Options
The second reason is investment options. In a Scottrade Rollover IRA you have a wide array of investments, such as stocks, bonds, options, mutual funds and exchange traded funds (ETFs) to choose from. Generally speaking, it’s nice to have choices, and with the fees some mutual funds can impose, you may be able to save yourself some money as well.
Convenience
The third reason is convenience. Having everything organized in one place can be helpful when managing retirement savings. Once you get your assets rolled over into a Scottrade Rollover IRA you can view account balances, track contributions or distributions, and even link to other Scottrade accounts, so that you can conveniently access it all within one place online.
What’s the next step? Contact your local branch and learn how to set up a Scottrade Rollover IRA. We’ll walk you through the rollover process step by step.
What questions do you have about rolling over your 401(k)?
Brooks V. has been with Scottrade since 2008. He has 14 years industry experience and manages a Scottrade branch office in Bradenton, Fla.
This material is for informational purposes only and Scottrade is not responsible for any errors or omissions. The information is subject to change without notice and should not be construed as a recommendation or investment advice. Please consult your tax or legal advisor for questions concerning your personal tax or financial situation.
Hi Joe,
We are happy to hear that you rolled over your funds to Scottrade. Have you ever visited one of our branches or explored our educational offerings?
The reason why I ask is because a lot of clients have shared with us that they are helpful resources. For instance, reading the information in the Knowledge Center has helped some make better informed investment decisions, and others have found the Scottrade Online Community great because they can find out what other experienced investors are doing with their rollover. Those are just two places you may want to research.
Best,
Suzanne H., Sr. Social Media Specialist.
Hi Don,
We are glad you shared what you experienced at the Kingwood branch and Webster branch on our blog. It is important to us that you receive the same great service no matter what branch you visit. I will let you know that you can change branches at any time if you feel the Kingwood branch would better suit your needs. We are here if you ever change your mind and decide to give us another chance.
Best,
Suzanne H., Sr. Social Media Specialist
I just rolled over my 403b into Scottrade. After 5 years ago, my account was worth more! I figure I can do better than that!
My first experience with Scottrade was attending some training seminars at the Kingwood,TX branch and was great. - Thanks.. That was the main reason I transferred one of my accounts to Scottrade, but I chose the Webster location because it was closer.. Big mistake on my part.!!! I instantly got a bad feeling and did not realize that I should have followed my instincts and not signed on as my relationship with Scottrade will always be tainted by a service rep who showed no interests in my financial condition. I am and will be looking for another brokerage service as time allows. I still believe Scottrade has what many people can use successfully but my other accounts will not be going that way.(nor my wife's and my daughter's) Thanks, Don