Carter Bank & Trust’s Post

The traditional 401(k) rollover process is disheartening — often taking months of confusing information, endless forms, and transit mishaps. Stories like Kathleen's are unfortunately all too common, as our recent whitepaper revealed more than 25% of 401(k) assets are "forgotten" or left behind at old employers. Eliminating these hassles that make retirement planning overwhelming is at the core of our mission at Capitalize. Read Kathleen's 401(k) rollover story in Business Insider: https://lnkd.in/dR2efQqq

CROSS BORDER HOT TAKE: A 401(k) to Rollover IRA is when you transfer your 401(k) assets from a previous employer's pension plan, or multiple 401(k) plans, into an Individual Retirement Account (IRA). This helps simplify your situation and helps make your financial planning easier.

Have a 401k sitting at a former employer? Or getting close to retirement and deciding what you should do with your 401k? An IRA rollover might be something to consider. All things we would consider when making your plan!

CROSSBORDER SCENARIO: A Guide to Rolling Your 403(b) into an IRA Stewy, who previously participated in a 403(b) program with his employer, is now faced with the decision of what to do with that 403(b). While 403(b) plans are designed for employees of public schools, tax-exempt organizations, and specific ministers, they serve as invaluable tools for retirement savings. However, given Stewy's changed circumstances and no longer being affiliated with the sponsoring employer, it becomes essential to explore rollover options. The pivotal question arises: Why should Stewy roll his old 403(b) into an IRA? The following points highlight the compelling reasons for transitioning from a 403(b) to an IRA: https://lnkd.in/gGyAvYfK

Fairway wealth manager Dina Powers recently appeared in Financial Advisor Magazine, an RIA and financial news magazine featuring the latest trends and industry best practices.   In a discussion on the benefits and drawbacks of traditional 401(k)s vs. IRA accounts, Dina noted that a client’s financial pipeline – along with their expected retirement age – can determine which savings plan is best for them.   “Rolling over a 401(k) to an IRA might be a bad idea if you anticipate needing a loan from your retirement fund, as most 401(k) plans allow for a loan up to the lesser of half the account value or $50,000,” said Dina.   That’s why it’s important to work with a certified advisor who can oversee your investment portfolio and diversify it toward your greatest financial success.   Read Dina’s full feature: https://lnkd.in/e-NZyz-S

🔍 **Can I Roll My Spouse's 401(k) Into My IRA?** Unfortunately, you cannot roll your spouse's 401(k) directly into your own IRA. However, the 401(k) can be rolled into an IRA that remains in your spouse's name. If you inherit the 401(k), it can be rolled into an inherited IRA but must stay under your deceased spouse's name. At **The Annuity Expert**, we simplify the complexities of managing retirement accounts. With 15+ years in insurance and retirement planning, we're well-equipped to navigate IRS rules and create cost-effective solutions that maximize your retirement savings. 💡 **How We Can Help:** 1. **Assess Your Spouse's 401(k) Options:** Begin by evaluating whether to maintain the current account, roll it over into an IRA in your spouse's name, or explore other options. We provide a thorough review to help you understand the benefits and drawbacks of each possibility. *Main Benefit:* Gain a clear understanding of available options and how they affect your overall retirement strategy. 2. **Execute the Rollover:** If rolling over into an IRA is the best route, we assist with the entire process—ensuring all paperwork is accurate and the IRA is set up according to your spouse's preferences. *Main Benefit:* Enjoy a streamlined rollover process, minimizing potential tax penalties and mistakes. ✨ **Features We Offer:** - **Personalized Consultation:** Tailored advice based on your financial situation. - **Account Management Assistance:** Support in setting up and managing retirement accounts. - **Tax Optimization:** Strategies to reduce tax impact during rollovers and distributions. - **Ongoing Support:** Continued guidance as your retirement plan evolves. For a complimentary consultation to discuss the best rollover options for your spouse’s 401(k), [**contact us today**](https://lnkd.in/ebUSMbfU). **Find out more at The Annuity Expert!**

Build financial resilience by saving for tomorrow, today. Time is an investor’s greatest asset. Leverage your employer’s retirement savings plan, such as a 401(k), to take advantage of an employer match and tax-advantaged savings. Saving for your future today will give your investments time to compound, which can help them grow exponentially over a long enough time horizon. Consolidating accounts is an easy way to clean up your portfolio. If you have a handful of old workplace retirement plans, a direct 401(k) rollover gives you the option to transfer funds from your old plan directly into an IRA in your name. An in-service rollover allows a current employee to move all or some of their employee-sponsored 401(k) plan into an IRA without taking the money as a distribution. Remember, saving for your future is key to building financial resilience. Let's make a plan and secure your future. #letsmakeaplan

🚨 **Navigating 401(k) Rollovers: Common Pitfalls & How to Avoid Them** 🚨 When transitioning between jobs, managing your 401(k) rollover is critical for maintaining your financial security into retirement. Here are five common pitfalls and how to steer clear of them: 1. **Missing the 60-Day Deadline**   ⏳ **Avoidance Tip**: Opt for a direct rollover where the funds are transferred directly between financial institutions, ensuring you never miss the deadline. 2. **Incomplete Transfers**   💼 **Avoidance Tip**: Verify all assets are accounted for and confirm the transfer completion with both your old and new plan administrators. 3. **Choosing a Non-Qualifying Account**   🏦 **Avoidance Tip**: Always roll over into another 401(k) or an IRA. Double-check with your financial advisor to ensure the account is eligible for rollover. 4. **Filing Errors**   ✍️ **Avoidance Tip**: Take your time to accurately fill out all necessary paperwork and review it multiple times or have a professional double-check to avoid costly mistakes. 5. **Neglecting Fees and Investment Options**   📊 **Avoidance Tip**: Compare the fee structures and investment options between your old and new plan. Choose a plan that aligns with your financial goals and offers cost-effective strategies. 🔑 **Key Takeaway**: A 401(k) rollover is more than just transferring funds; it’s about making strategic choices to preserve and grow your retirement savings. Consulting a financial advisor is highly recommended to navigate this process smoothly. Feel free to share this post with your network or anyone who might benefit from these tips as they navigate their career transitions! #401kRollover #RetirementPlanning #FinancialAdvice #CareerTransition

As a business owner, thinking about your personal retirement is important, but you'll also need to consider retiring from your business and what that will entail. You'll need to find someone to take your place, plan for the transition, and more. Get more details here: https://brev.is/pRXRE. #Retirement #SuccessionPlanning #BusinessOwner

Pros of Moving Your Old 401(k) to a Rollover IRA in 2024: Consolidation of Accounts: Rolling over your old 401(k) to a Rollover IRA streamlines your retirement accounts, making it easier to manage and track your investments. Expanded...