Ep. 339: After Job Loss, What Happens to my 401(k)?

New this week, Pete and Damian spend the entire show on The 401(k). Our writer is suffering a crushing blow with this from the mailbag: “I lost my job after 27 years of employment there. What should I do with my 401(k).”  Ouch! Pete and Damian both have experience with the advisor::client relationship, so tune in and let’s hear what they’ve got to say.
Can’t listen? Check the Show Notes!

Show Notes:

  • Let’s hope he’s been contributing for 27 years! That way compounding has had significant time to do its job and there’s a nice sum of money there.
  • In general, the answer to a question like this often gets weighted in one direction: Rollover, in most compensation models. Why? Because a financial advisor will likely get paid  throughout the rollover process from taking on management of your dollars.
  • There are some reasons to leave it with your previous employer: you’re comfortable with where it’s at – (you know how it performs and are satisfied with how you may be able to access your money at a certain time) or you’re getting the best deal possible – (working for a larger employer generally means lower investment fees for you).

 

Click PLAY below to get down into the weeds on 401(k) decisions.

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