With inflation still impacting household budgets and interest rates remaining high, Americans are more focused than ever on making smart financial decisions. The current economic trends make this a particularly opportune moment to reassess your retirement strategy. One of the most effective ways to do this is by opening an Individual Retirement Account (IRA) or rolling over an old 401(k).
Why Now is the Perfect Time
High inflation rates mean that the money you save today will need to stretch further in the future. Taking action now can help you protect your long-term financial gains. Plus, if you’ve switched jobs or simply want more flexibility in your investments, now is the perfect time to consider an IRA. Here’s why:
More Control Over Your Investments
By opening an IRA or rolling over an old 401(k), you can gain more control over your investment choices, potentially reduce fees, and better align your retirement savings with your long-term financial goals. Leaving your 401(k) with a former employer means your money is stuck within their plan’s investment options, which might not align with your goals.
Rolling it over into an IRA gives you access to a wider range of investments, including stocks, bonds, ETFs, and more, allowing you to tailor your portfolio based on market conditions and your risk tolerance.
Lower Fees, Higher Growth Potential
Many employer-sponsored 401(k) plans come with administrative fees that eat into your returns over time. IRAs often have lower fees, especially if you choose a provider that offers low-cost index funds and ETFs. In an economy where every dollar matters, reducing unnecessary fees can help you maximize long-term growth.
Tax Advantages: Pay Now or Pay Later
Just like a 401(k), IRAs offer powerful tax advantages. A Traditional IRA allows you to defer taxes until retirement, while a Roth IRA lets you pay taxes now and enjoy tax-free withdrawals later. With tax policies under constant debate, locking in potential benefits now could be a smart play for your future.
The Job-Hopping Trend Means More 401(k)s to Manage
The workforce is more mobile than ever. Nearly 1 in 5 workers switched jobs in the past year. If you have multiple old 401(k)s sitting with past employers, rolling them into a single IRA can make managing your retirement savings much easier.
Market Volatility Calls for More Flexibility
With ongoing uncertainty in the economy that include fluctuating interest rates, potential market corrections, and global instability, having the ability to adjust your investments is imperative. IRAs give you that flexibility, unlike many employer-sponsored plans that have limited fund selections.
The Time to Act is Now
If you’re considering an IRA rollover, acting now could be beneficial. With markets adjusting and interest rates influencing investment opportunities, moving your money into an account where you have more control could set you up for stronger long-term gains.
At Slavic401k, we make the rollover process easy and guide you through your options to ensure your retirement savings are working hard for you. If you’re ready to take charge of your financial future, explore your IRA options today.
Level the Playing Field and Take the Guess Work Out of IRA Investing:
If you are no longer employed by a company who uses Slavic401k as their 401(k) provider, we can seamlessly rollover your money into an IRA – either a traditional IRA or a Roth IRA. Or, you can simply open an IRA as a supplemental retirement account to your existing 401(k). We’re here to answer your questions about the tax benefits of each strategy and how they can meet your retirement goals.
Easy Online IRA Setup: Enroll in your Traditional IRA or Roth IRA completely online and enjoy 24/7 access without all the messy paperwork.
No Fund or Investment Minimums: You have complete control of what funds you invest in and how much you contribute.
No Mandatory Annual Contribution: Whether you contribute the legal max or no money at all, your 401(k) rollover stays invested with no penalties.
Large Menu of IRA Investment Choices: Choose from managed portfolios or select your own individual funds. Whether you prefer to be hands-on or relaxed, we have IRA investment options to fit your needs.
Low-Cost Institutional Share Classes: Enjoy lower expense ratios, which means more money stays in your pocket.
More IRA Resources
- IRA Overview and Rollover Options: Have you changed employers? Learn how to rollover your 401(k) into an individual retirement account (IRA).
- IRAs vs. 401(k)s: What’s the Difference? Learn about the differences between two of the most popular retirement savings accounts.
- Retirement Calculators: Figure out when you can retire, project how long your money will last, and more for your retirement goals.
To learn more about IRAs or to open an account, visit SlavicIRA.com.
