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When not to roll a 401(k) into an IRA

When not to roll a 401(k) into an IRA
For many workers, moving assets from old 401(k)s into a traditional IRA may not be a smart move, as IRAs don’t offer stable value or guaranteed fund investment options as most 401(k)s do, according to this article on Forbes. Moreover, IRA advisors are not fiduciaries and most IRAs charge transaction fees and are less protected from creditors and lawsuits while 401(k)s offer balance limit options and allow a one-time loan. Instead of rolling old 401(k) assets into an IRA, workers should consider moving the funds into their current 401(k) plans, according to the article.

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How to successfully navigate financially in retirement
Transamerica Center for Retirement Studies CEO & President Catherine Collinson says that preparation is key to successful planning and saving for retirement, according to this article on Fox Business. “Retirement preparations involve major financial decisions requiring careful attention,” says the expert. “Both large and small decisions can profoundly influence your long-term financial security – positively or negatively. Many people may need to seek the expertise of a qualified professional adviser.”

Don’t let ‘gray divorce’ derail your retirement
Divorce can have a major financial impact, but seniors who consider divorcing their spouse can avoid the unfavorable affects if they plan wisely, according to this article on Barron’s. To avoid these effects, they should determine a new monthly cash flow, recompute their retirement savings and understand the possible changes to their Social Security benefits. Seniors should also update their estate plan and investment accounts, obtain health insurance coverage and delay Social Security if possible.

Don't forget to do these 5 things before you retire
Seniors will need to accomplish certain tasks before leaving the labor force for good, according to this article on U.S. News & World Report. They should finish all home repairs and improvements, develop a budget based on their actual circumstances and pay off debt before retiring. They should also have a bucket list of activities to keep them busy and assess their healthcare and insurance needs. “Pursuing these tasks before leaving your job can save you time and money,” states the article.

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