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!
- 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.
Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.