Have an Old 401(k)? Why You May Want to Roll It Over

Why You May Want to Roll Over Your Old 401k

By Brooks Vanderzee, Branch Manager and Guest Blogger

Rolling your old 401(k) over into an IRA can be a good idea for some investors for several reasons.

Take Control of Your Retirement Plan
The first is control. You may find it easier to oversee your retirement savings when they’re in an account you manage. If you’re no longer employed by a company, handling account issues through the company representative or the plan administrator can be difficult.

More Investment Choices
The second reason is the number of investment options. When you rollover your old 401(k) to a Scottrade IRA account you have a wide array of investments to choose from, such as stocks, bonds, options, mutual funds and exchange traded funds (ETFs). In your old plan you may only have a select number of mutual funds or bonds.,.

Convenient Access to Your IRA
The third reason is convenience. Having everything in one place can be helpful when managing your retirement savings. If you decide to roll over your funds into an IRA account you can view balances, track contributions or distributions, and even link to other Scottrade accounts, so that you can conveniently access it with one login.

It’s important to know that there are other options besides rolling over your old 401(k) into an IRA. Alternatively, you could leave your funds in your existing 401(k), if permitted; roll over assets into a new employer’s plan; or cash out your 401(k). It's also important for you to do your research and, if necessary, consult a tax advisor before deciding whether a rollover is right for you.

Need More Information? Keep Learning

Considering a Rollover? Start here.


Brooks Vanderzee has been with Scottrade since 2008. 

Scottrade does not provide tax advice. This material is for informational purposes only. 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.

Before making any rollover decisions, investors should research and consider all available retirement options carefully. Your decision should reflect consideration of various factors, including the benefits and penalties involved. Some of these factors include, but are not limited to, investment or account related fees and expenses, differing levels of service available, withdrawal penalties, creditors and legal protections, required minimum distributions, and factors related to owning employer stock. The importance of these factors will vary depending on your individual needs and circumstances. Tax consequences may vary depending on state law and your individual situation. Scottrade does not provide tax advice. Please consult your tax or legal advisor for questions concerning your personal tax or financial situation.

2 Comments -- All comments are monitored. Questions? Please see our User Guidelines.
February 4, 2014 6:25 AM

Greetings. Thought I'd mention your article is from the future.

"Have an Old 401(k)? Why You May Want to Roll It Over
12.17.2014 "

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