Five Reasons to Roll Over Old Retirement Balances
If you’re like most people, you’ll switch jobs about 11 times before you retire. That’s a lot of retirement account balances to leave behind. Check out our 5 reasons to roll over old retirement plan balances to the Texas Health 401(k) Retirement Plan.
It’s a real headache to track and manage separate accounts with different investment options, statement cycles, beneficiary designations and dreaded usernames and passwords. When you consolidate your retirement savings into one plan account, you simplify all of that down to one.
Just like that old job didn’t fit you anymore, the investment strategy you set up for your previous account may not suit you anymore either. Now that you’ve moved on, you need to establish an investment strategy that fits where you are right now and where you want to go in the future.
Consolidating your savings into your current plan account makes it easier to put a single investing strategy in place and monitor your progress. Seeing your whole portfolio at once can also help reveal if you may be too concentrated in one area or exposed to higher risk than you want. That way you can make the changes you need to and stay on track – in one place.
As an employee of Texas Health, you have access to many valuable features and planning tools that may not be available in your old plan or could be turned off for ex-employees. When you roll your savings into your current plan, you have access to all the same features and benefits.
When all of your savings are in one spot, it’s easier to keep track of how much you have. Plus, you’ll get the most accurate estimate of how you’re making progress toward your goals.
To find out more about rolling over balances from former employers’ plans, call Empower Retirement at 800-345-2345.
You can log on to www.retireonline.com to check out Retirement Dream Machine (log on to your account or go to the My Accounts tab and click the Dream Machine link) to see what you’re on track to receive as an annual salary in retirement and how changes, big or small, might affect your long-term outlook.