What should you do with your 401(k) once you quit your job and retire? That is the question! Whether you’ve changed jobs, lost a job, or are getting ready to retire, you likely have many questions, some more important to you than others:
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Rollovers and IRAs
What do I do next?
What resources do I have while I’m searching for my next job or getting ready to retire?
How about unemployment or healthcare?
Then likely lower on your list (though some of you might already be wondering) is “What should I do with my 401(k)?”
Your Four Rollover Options
People who have a retirement account such as a 401(k), 403(b) or similar who are leaving an employer or getting to retire generally have four options. Your options are:
- Cash out the account balance. (Due to possible tax implications and penalties, this may be an option you’ll want to consider carefully.)
- Leave the money in your former employer’s plan, if permitted.
- Roll the assets into your new (next) employer’s plan, if one is available and rollovers into that new plan are permitted.
- Rollover your old retirement plan into your own IRA (Individual Retirement Account).
Each choice offers advantages and disadvantages and there are a few factors to consider when deciding. If you are uncertain what action to take with your retirement accounts, please allow us to help you. That’s what we do.
Are you ready to get started?
Six steps to financial independence.
We help people get the clarity they need about where they stand today in relation to their goals for their financial future. We can help create a customized financial plan for you, or at a minimum, help review and give you a second opinion on the plan you may already have in place. We want you to feel assured that even after you’ve gone through our process—regardless of whether you choose to move forward with us or not—that there will be no cost or obligation to you. Guided by our fiduciary responsibility, we will always keep your best interests in mind. We promise that there won’t be any high-pressure sales either. Why do we do things this way? Because that’s our philosophy.
6 Steps to Financial Freedom:
1. Increase Cash Flow
The most powerful wealth building tool you have is your income. It’s not what you make that counts, it’s what you keep. How? Pay yourself first and manage expenses.
2. Proper Insurance Protection
One of the most common mistakes in risk management is the failure to have adequate insurance. Insurance allows your plan to build wealth for your family to continue, whether you are sick, disabled or pass on.
3. Emergency Fund
No matter how much you plan, unexpected emergencies always seem to arise. To provide a buffer between you and life’s disasters, having 3-6 months of expenses set aside helps you cope.
4. Debt Management
One of the biggest wealth destroyers is debt; a silent plague that can rob you of your ability to build wealth. There are two kinds of debt; know the difference!
5. Savings & Investments
The key ingredients to building wealth are money, time, asset allocation, rate of return, and understanding how to outpace taxes and inflation. In addition, having a definitive plan during severe market declines can shave off years in recovery time.
6. Estate Preservation
Don’t let a lifetime be devoured by taxes, lawyers, and unintended heirs. A proper estate plan can protect and preserve your assets for your family, creating your legacy.
The financial planning process at Global View Capital Advisors is simple.
Get to Know You
During your free consultation, our primary goal is to be on the same page as you. To understand what’s important to you. We listen to you.
Know Your Goals
We gather, organize, and analyze your financial information. We make recommendations based on your needs, goals, and dreams. Above all, we educate.
Make a Plan
Once objectives and expectations are clear and we’ve completed our analysis, we offer advice “holistically.” A holistic plan extends beyond just investments.
Personal Relationship
As your dedicated financial advisor, we’ll be there with you as you experience life’s milestones and unexpected challenges. We will help you track your progress throughout.
A Holistic Approach
It doesn’t matter if you’re just getting started, playing catch up, approaching retirement or already there, what we have found is that everyone’s core needs are the same: it’s around the major need for proper education, clarity and assurance, along with the access to the right solutions. We do this through Holistic Financial Planning. Although not a prerequisite for a rollover, we highly encourage that you have a plan developed to fully see the impact of your rollover to your long-term financial picture.
Another differentiating aspect to how we help our clients is giving them access to Active and Tactical Money Management, which is when there’s a third-party firm who monitors an account on a daily basis, and upon discretion, makes adjustments to the account in response to market conditions, putting a ‘defensive’ component to one’s strategy when it is warranted. This can be particularly beneficial during periods when there is high volatility or uncertainty in the markets, such as during the 2008 financial crisis or most recently, during the pandemic that impacted almost every facet of our lives.
Tactical money management is typically not made available to the public unless people have significant account balances. However, our firm has developed a technology platform that makes this available at practically all levels, especially where the help is most needed: those who are often overlooked. We have other strategies too—for instance, for those who are risk averse or getting close to retirement—who may also seek guarantees or would prefer principal protection, or some combination.
Regardless, there’s not a one-glove-fits-all approach. Everyone’s situation is different. People’s needs are different. If this is foreign to you, you’re not alone. But help is available. Going through our process is at no cost or obligation to you, and it will be an honor for us to be your trusted resource. If you find yourself in alignment with our philosophy, values and approach and would like our help, please allow us to do that.
The 10 Best Kept Secrets to Building Wealth
What if you had a simple guide to help you not just get a better handle on your finances, but also prosper in your life? Download our guide today.
