last week from my report I covered Mistake #8: Moving your 401k to a
salesperson and not a trusted fee-based advisor.
Today I'll cover Mistake #9: Staying in your 401k when you have the option of moving to an IRA.
In the next mistake of my report, we'll go into detail as to why individuals should consider moving their 401k or Pension account to IRA accounts instead of leaving them in their employer-based plan.
To summarize, here are a few of the reasons:
A) Professional help
B) Greater withdrawal options
C) Much wider range of investment options
D) Access to asset classes and institutional shares not offered in 401k plans
E) Beneficiary options after death
F) Special tax treatments of highly appreciated company stock
G) Access to after-tax money to use for spending
H) Breakaway from restrictions the company placed on withdrawals or exchanges
I) Elimination of some of the fees 401k plans can charge
J) Avoidance of 401k plan destruction to your estate planning (401k plans often kill bypass trusts which are also known as AB trusts)
Just remember too that as the market changes, your portfolio grows and time passes, often your investment goals and your tolerance for risk changes. When this happens you need to adjust your asset allocations accordingly.
That is why I offer a FREE Investment Analysis & Portfolio Review. It is a no-obligation assessment of your portfolio to see if you're still invested correctly for your goals, your risk tolerance and your portfolio size.
To get started on your analysis & review either reply to this email or call me here at the office at [aphone].
I hope you are enjoying the report! If you did not get a chance to read it yet here again is the link to download the PDF where you can open it: http://www.worst13mistakes.com/13mistakes-thanks.html
W. Edward Newton Jr., CFP
Newton Financial Network
13850 Ballantyne Corporate Place, Suite 500
Charlotte, NC 28277
Phone: (704) 552-8689