In Wealth Management


Did you know that every year thousands of people leave money behind in old 401(k) accounts after they switched jobs?

When I bring up the topic of 401(k) rollovers, I can’t tell you how many times participants suddenly remember about balances they have in their old 401k accounts… and it’s worth a lot of money.

Don’t let this be you.

When you’ve got multiple retirement accounts, it’s too easy to forget and lose track of where that money is located. That’s why it can make sense to roll over those old 401(k)s into one retirement account.

By choosing to rollover, or combine these accounts, you’ll have your retirement savings in one place. That’s easier and takes less time than dealing with lots of accounts and passwords.

Finally, and most importantly, I strongly believe having your financial assets more centralized will lead to better coordination of your investment strategies, which in the long term, will make it easier for you to attain your financial goals.

There’s a specific process you need to follow if you want to rollover retirement assets into your current plan. You have to be really careful here, as a mistake can result in penalties.

Fortunately, I am here to guide you through the process and to make sure it’s done right.

Basically, 401(k) rollovers are a four-step process.

  • Step 1: Make sure you already have a 401(k) account set up at your current employer.
  • Step 2: Contact Sapling Wealth Management – that’s me – the financial advisor for your current plan. I will help you request a 401(k) rollover check from your old employer’s plan.
  • Step 3: IMPORTANT: Do not have the check made out in your name. The check must be
    made out to be payable to the record keeper for-the-benefit-of (FBO) <participant name>. Request that a 401(k) rollover check be sent to your home.
  • Step 4: Once the check arrives, forward it to the new plan.

By contacting me first, I’ll help you through this process so there are no penalties or mistakes.

However, before you do this, make sure it is the right thing to do for you. For instance, if you don’t utilize the services included in the new plan, you may find that you are better off leaving your account where it is or moving it somewhere else.

I have a list of criteria on my website that you should check out to help you decide.

That’s my two-minute take on 401(k) rollovers. If you have any questions, please get in touch.

Don’t forget: I’m here to help you make the most of your retirement plan, and there’s no extra charge for this service.

So, don’t be shy –  reach out!

I hope to hear from you soon.

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