In his July 30th, 2015 MarketWatch article titled, Leaving Your 401K Behind When Changing Jobs Will Cost You, RCH’s CEO Spencer Williams gives sage advice to America’s mobile workforce, urging job-changing retirement savers to take the initiative and to consolidate their retirement savings.
Research proves that Spencer’s advice is spot-on: a recent study conducted by Boston Research Technologies finds that 33% of workers will leave balances in a prior plan at least once in their career. This costly move will penalize a hypothetical 30-year old $2,520 in fees by age 65. Cashing out is even worse: according to Fidelity, the same 30-year old who cashes out a $16,000 401(k) balance could lose over $145,000 in retirement income.
So, take the initiative and consolidate!
Click Here to Read the MarketWatch article titled, Leaving Your 401K Behind When Changing Jobs WIll Cost You.