Why ?
Listen, we understand that sometimes we let things fall to the side - you're not alone in this. You work hard and life gets busy. It goes without saying that transferring 401(k) accounts is a hassle.
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But your retirement is important.
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Let us help you get that hard earned money back in your hands. Our goal here at Simply(k) is to keep you on track to a successful retirement by identifying and consolidating your 401(k) accounts - even the one you forgot about.
Millions of accounts are abandoned every year
20%
The number of people with forgotten accounts (we reckon it's higher than that)
Potential opportunity cost upwards of $700k
Why should I rollover my 401(k)?
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Avoiding Taxes and Penalties: When changing jobs, rolling over your 401(k) to an Individual Retirement Account (IRA) or your new employer's plan can help you avoid taxes and penalties that might occur if you cash out your 401(k).
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Consolidation for Simplicity: If you've had multiple jobs, you might have multiple 401(k) accounts. Consolidating them makes it easier to manage your investments, track performance, and adjust your overall retirement strategy.
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Increased Investment Options: Rolling over allows you to choose from a broader range of investment options that might be more aligned with your financial goals and risk tolerance.
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In summary, growing your 401(k) is crucial for building a secure retirement fund, and consolidating your 401(k) accounts when changing jobs helps optimize your savings, reduce complexity, and provide more control over your investment strategy. It's essential to stay informed about your retirement accounts and make strategic decisions to ensure a financially stable future.