401(k) & IRA Rollover
When people change jobs or retire, they must decide what to do with the assets that they have accumulated in their 401(k) retirement savings plan. This decision is critically important because it can affect their ability to achieve the type of lifestyle they expect in retirement.They can choose not to do anything, leaving their savings in the 401(k) plan of the company they're leaving. But this approach can be problematic, because the longer a person is away from a company, the less they generally know about the company and how its retirement plan is managed. They're also unlikely to receive investment advice.They can liquidate their 401(k) assets, but if they do, they'll face a tax payment and possibly an early withdrawal penalty, depending on their age.People who are changing jobs can roll over a 401(k) into their new employer's 401(k) plan. But this type of 401(k) rollover also can be problematic, because many plans today offer limited, cookie-cutter types of investment choices and little or no investment advice.Chuck Noparstak, CFP, offers another 401(k) rollover option -- rolling over 401(k) assets into an individual retirement account (IRA). Chuck can provide 401(k) rollover information and 401(k) rollover advice, and he can help clients accomplish 401(k) rollovers within the context of a customized financial plan and asset-management strategy - and without taxes and other penalties.Before developing a financial plan and asset-management strategy for a client, Chuck gets to know the client, developing a strong understanding of his or her family and financial circumstances, hopes and dreams, investment objectives, risk tolerance and investment time horizon.