Your Retirement Roadmap

You got a new job!

First, congrats! Take a moment to bask in the fact that you are moving forward in your career and positioning yourself for greater professional satisfaction and financial gain down the road.

Done basking? Good, because now it’s time to talk retirement and what you’re going to do with your old 401k.

Many of us get so caught up in the transition to a new job that we forget about that 401k. We diligently funneled money into the account for months or years, yet often we leave it unmanaged after we change jobs. That can be a costly mistake.

The good news: We can help. We developed this simple Retirement Road Map to guide you through the process of changing jobs, rolling over your 401k and keeping your retirement planning on track.

Why should I rollover my 401k?

Because it’s your money and you should control how it’s being invested, plain and simple.

When you leave a company and hit New Job Highway, you have the option to leave your 401k right where it is. But that comes with a serious cost: You can no longer contribute to the plan. Additionally, your former employer is allowed to charge you more as a former employee. Your investment options are limited to the funds offered by your old company. And, there’s a strong chance you’ll forget about the account and lose track of it over time.

Still not convinced you should rollover your 401k? Consider this: The average cost of retirement is now hovering around $740,000. That’s a big number, and every dollar you can put toward it counts. If you roll your old 401k into an IRA, you can keep contributing to the plan and invest the funds in a way that works best for you.

That puts you back in the driver’s seat when it comes to your financial future. And, at DreamWork Financial Group we want YOU in the driver’s seat.

How do I rollover my 401k?

 So you’re on Rollover Road planning to move your 401k into an IRA. Where do you begin?

IRAs offer a variety of options to give you the most flexibility as you head toward retirement. But that means there are a lot of decisions to be made: Do you go with a traditional IRA or a Roth IRA? Where do you want to invest? And how?

We recommend choosing a firm that is motivated in the same way you are to grow your wealth. This idea sounds simple, but the truth is, the financial industry is filled with conflicts of interest. How can you trust brokers who get paid more to sell their own companies’ financial products?

Our advice? You don’t. Instead, find a Fee-Only Registered Investment Advisor (RIA) who does not sell financial products but acts as a fiduciary and benefits the same way you benefit — as your wealth grows.

How do I find a good RIA?

Now is the time to take a ride on Fee-Only Freeway, headed straight toward an advisor who can get you closer to your retirement goals.

But how do you choose a good one?

Do your homework, and ask lots of questions. You want to know, who actually invests your money? Is your advisor directly responsible for investment decisions? How is he or she qualified? And what services does that advisor provide? Is it just money management? Or, do they offer investment service, or maybe even a complete suite wealth management services (like DreamWork Financial Group)?

Your ultimate goal is transparency. That’s why the team at DreamWork Financial Group is always up front about our fees, our services and our mission:

  • Fees: We charge 1% on accounts less than $1 million, and we do not get paid to sell any financial products.
  • Services: We service our clients’ financial planning, investment management, estate planning, tax, education and insurance needs. We believe that every responsibly investor should have a full suite of wealth management services at their disposal.
  • Mission: To maximize our clients’ wealth by offering the highest level of personalization, technology and complete transparency while achieving their retirement goals.

The road to retirement is long. To get there, you need an advisor (in particular, a RIA) you can trust. Once you find that, you can rest easy knowing that your financial future is in good hands.

Contact DreamWork Financial Group today to set up a free appointment and discuss your retirement future. 

To learn more about DreamWork Financial Group and our Fee-Only Wealth Management model, visit our website and schedule a meeting with our Chief Financial Strategist, Clint Kirby and be sure to sign up for our free monthly newsletter. Also, be sure to check out our archived newslettersbold predictions and other articles in our knowledge base.

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