In his latest article in MarketWatch, posted on New Year’s Eve, RCH President, CEO and RetireMentor Spencer Williams counsels those who switched jobs in 2016 to make their New Year’s resolutions to roll-in all of their retirement savings accounts – not just the account in their most recent prior-employer plan – into their new-employer plan.
For any account that’s not yet rolled in to a current-employer plan, Williams strongly urges that savers update their current contact details.
Williams further advises savers to take steps to find and consolidate old employer accounts that have been rolled to safe harbor IRAs. This step is particularly important, says Williams, as safe harbor IRAs can carry fees that surpass the earnings of their “safe” investment vehicles.
Finally, Williams advises all retirement savers to avoid the temptation of cashing out, particularly during the holiday season, when many savers will accrue holiday-related bills.
Following these steps in 2017 will set retirement savers on a path to retirement readiness.