<section><h2>Should you rollover your 401k?</h2><p><p><span style="font-size:18px;">A 401k is an important part of your retirement nest egg.</span></p><p><span style="font-size:18px;">If you are considering changing jobs, been laid off, or just need help with an old 401k, you have some decisions to make. </span></p><p><span style="font-size:18px;">If you're not sure what to do with your 401k, take our simple quiz for some guidance. </span></p><p><span style="font-size:18px;">(You should always consult a financial professional before making any decisions about your retirement plans)</span></p></p></section><section><h2><h1><span style="font-size:36px;">You may want to consider a 401k rollover.</span></h1></h2><p><p>Awesome - you've taken a big, courageous step toward financial freedom by taking this quiz.<br /><br />Based on your responses, we think you may want to consider a 401k rollover.</p><p>There are some things to think about before moving forward, any misstep could cost you.</p><p>There are generally 2 types of rollovers; direct and indirect. </p><p>A direct rollover means that you will never take receipt of the funds personally. Using a direct rollover will avoid any taxes and penalties that you would otherwise incur. Receiving companies all seem to have their own way of doing things so its important to follow directions carefully to avoid any complications.</p><p>An indirect rollover is something more complicated. With an indirect rollover, your 401k company will write you a check and it's up to you to deposit accordingly. You typically have 60 days to make your deposit or all taxes and penalties will be incurred. A lot can happen in 60 days - maybe you're on vacation or just taking some time off and forget to check the mail or you lose the check. The IRS has been known to exercise zero tolerance when it comes to a 60 day rollover so most advisors would always recommend a direct rollover.</p><p>Before you decide to move forward on your own, consult a financial advisor. We offer a Fee-For-Advice model in case you're not ready to hire an advisor full-time.</p></p></section><section><h3><h1><span style="font-size:1.5em;">You may want to consider transferring to your new employer plan</span></h1></h3><p><p>Nice one - you've already the biggest step toward financial freedom by taking this quiz.<br /><br /></p><p>Based on your responses, we think you may want to consider transferring your existing plan to your new employers plan.</p><p>There usually aren't many reasons to transfer to a new plan but sometimes it could make sense. In the past, we found those with smaller balances like the idea of starting a new 401k with a balance. </p><p>Another reason would be loan privileges, which are unavailable outside of a 401k. Generally most companies have certain conditions before they will allow for loans from a 401k so you should consult your HR department for the rules.</p><p>Whatever you decide, you should always consult a financial advisor before any big decisions regarding your retirement accounts. For those who aren't ready to hire an advisor full-time, we offer Fee-For-Advice to help provide some guidance without consolidating accounts.</p><p><br /></p></p></section><section><h3><h1><span style="font-size:1.5em;">You could consider leaving your 401k in place but find out how long you have before it becomes taxable.</span></h1></h3><p><p>Excellent work - you've taken a big step toward financial freedom by taking this quiz.<br /><br />We've crunched the numbers, and based on your responses, we think you may want to consider leaving your 401k with your old employer but plan to pay back the loan before it becomes taxable. </p><p>There aren't many reasons to leave a 401k in place after an employee separation but there are some exceptions.</p><p>The biggest reason we see someone leave their 401k with their former employer is because they have a loan against their 401k. A 401k loan is unique to these plans and gives the employee access to funds on a tax-free basis however once you leave the employer, whether by choice or not, that loan will become taxable and could be subject to penalties if not paid back, with some exceptions. Most plans typically give you 60 days. </p><p>It's always a great idea to consult a financial advisor before making these kinds of decisions. <br /></p></p></section><section><h3><h2><strong>You may want to consider cashing out your 401k.</strong></h2></h3><p><p>Great job, you've taken a big step towards financial independence by taking our quiz.</p><p>Based on your answers, we think you may want to consider cashing out your 401k.</p><p>Although there is very few reasons to ever cash out a 401k, over our 23 years we have seen this a time or two.</p><p>A 401k is considered a qualified plan with certain tax benefits. Early withdrawals from a 401k, or IRA, will result in tax consequences and penalties. There are some exceptions like financial hardship, first-time home purchase, or to meet certain medical expenses. </p><p>Most of the pandemic relief has expired so consult with a financial advisor before making a decision to cash out a 401k. There may be other options. Our firm offers Fee-For-Advice is you're just looking for guidance and not a full-time advisor.</p></p></section><section><h2><h1 data-editable="questions-1-title" data-disable-toolbar="true" data-disable-return="true" data-plaintext="true" data-placeholder="Question 1" spellcheck="false" data-medium-editor-element="true" role="textbox" aria-multiline="true" data-medium-editor-editor-index="2" medium-editor-index="e6bf9c54-e4fe-274f-bed9-62f2f5e8b089" data-focus-visible-added="" data-medium-focused="true">Are you fully vested in your plan?</h1></h2></section><section><h3><h2></h2><h1 data-editable="questions-4-title" data-disable-toolbar="true" data-disable-return="true" data-plaintext="true" data-placeholder="Question 4" spellcheck="false" data-medium-editor-element="true" role="textbox" aria-multiline="true" data-medium-editor-editor-index="9" medium-editor-index="7b989324-96cb-b09a-2808-751d7b68f625" data-focus-visible-added="" data-medium-focused="true">Are you 55 but under 60?</h1></h3></section><section><h3><h2></h2><h1 data-editable="questions-6-title" data-disable-toolbar="true" data-disable-return="true" data-plaintext="true" data-placeholder="Question 6" spellcheck="false" data-medium-editor-element="true" role="textbox" aria-multiline="true" data-medium-editor-editor-index="11" medium-editor-index="247f8683-ae90-52af-3694-d74babdab6f8" data-focus-visible-added="" data-medium-focused="true">Do you have a loan from your 401k?</h1></h3></section><section><h3><h2><strong>Would you like more investment options like stocks, bonds, and ETFs?</strong></h2></h3></section><section><h3><h1><strong>Would you like full-time access to a financial advisor?</strong></h1></h3></section><section><h3><h2><strong>Do you have an option to convert to a Roth?</strong></h2></h3></section><section><h3><h2><strong>Is there any chance your company could be sold or acquired?</strong></h2></h3></section><section><h3><h2><strong>Do you need money from your plan?</strong></h2></h3></section>