Jeff Altman discusses navigating 401ks and IRAs: advice on maximizing your investments
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-jeff-altman-president-of-altman-advisory-group-roth-ira-401k-and-iras/
Transferring your 401k into an individual IRA account can provide you with more control over your investments. Jeff Altman emphasizes the importance of transferring your 401k into an individual IRA account when leaving an employer. He points out that having your money in a 401k limits your control over investments.
Typically, when employees leave a company, they fill out paperwork in the HR office without receiving personalized advice on what to do with their money. This lack of control can lead to investments that may not align with your financial goals or risk tolerance.
By transferring your 401k into an individual IRA account, you become the owner of the account, giving you more control over your investment decisions. Jeff Altman suggests that having control over your investments is crucial for maximizing your retirement savings. He mentions that it’s essential to choose financial products that eliminate volatility, reduce risk, and provide opportunities for market returns. This strategy allows you to have a more active role in managing your retirement funds and tailor your investments to suit your specific financial objectives.
Jeff explained: “All strategies are not the right strategy for every single person. So, considering a conversion out of a traditional IRA to a Roth IRA and incurring some taxes could be a good idea based on what you’ve said, but it depends on the individual situation”
Furthermore, transferring your 401k into an individual IRA account must be done correctly to avoid potential tax penalties. There are specific laws and regulations governing the transfer process, such as direct rollovers and indirect rollovers. Direct rollovers involve transferring the money from company to company without the funds passing through your hands, ensuring no tax implications. On the other hand, indirect rollovers require careful handling to prevent tax consequences, as receiving a check can lead to tax liabilities if not handled correctly.
In conclusion, transferring your 401k into an individual IRA account offers you more control over your investments, allowing you to make informed decisions tailored to your financial goals. By taking this step, you can actively manage your retirement savings, choose suitable investment options, and potentially optimize your long-term financial security.
Jeff said: “I focus on strategic planning to ensure that principal is safe creating peace of mind for my clients”
About Jeff Altman
I have been in the financial services industry for over 50 years. I am a certified financial educator and approved to teach continuing education to CPA’s by the state of Nevada. I reside in Nevada with my wife of 30 years. I have two children and two grandchildren. I am a combat veteran of the Vietnam War and devote time to helping other vets in need. I derive great satisfaction from allowing clients to benefit from my experience
Learn More: http://altmanadvisorygroup.com/
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