Bill McDowell discusses 401K Rollovers
Listen to the interview on the Business Innovators Radio Network: Interview with Bill McDowell President of The McDowell Agency Discussing 401K Rollovers – Business Innovators Radio Network
Bill McDowell, president of the McDowell Agency, joins host Mike Saunders to discuss the importance of 401k rollovers. They highlight how modern work trends lead to individuals accumulating multiple 401k accounts over their careers. Bill emphasizes the need to consolidate these accounts for better management and financial planning, catering to individuals of all ages who may have multiple 401ks from various job transitions.
One prevalent issue discussed in the podcast episode is the common occurrence of individuals holding multiple 401k accounts from various jobs. With the changing landscape of employment, people are no longer sticking with one company for their entire career. Consequently, individuals end up accumulating multiple 401k accounts over time. The guest, Bill McDowell, mentions encountering clients with several orphaned 401k accounts, which are funds left in retirement plans from previous employers.
Having multiple 401k accounts can lead to confusion and potential loss of track of funds. Individuals may overlook these accounts, especially if they are small or from past jobs. Bill McDowell stresses the importance of consolidating these accounts to simplify tracking retirement savings. He shares a scenario where a client had seven 401k accounts, illustrating the complexity and challenges of managing multiple accounts effectively.
The risks associated with leaving 401k funds in orphaned accounts are also explored in the episode. Apart from the confusion and potential loss of track of funds, there are risks related to company instability. If a former employer faces financial troubles or goes bankrupt, it could impact the 401k funds left with that company. Additionally, the market’s volatility poses a risk to funds left in 401k accounts, particularly if they are linked to stock market performance.
Overall, the episode emphasizes the importance of addressing the issue of multiple 401k accounts to avoid confusion, potential loss of funds, and exposure to risks
In conclusion, it is crucial for individuals to understand the risks involved in leaving old 401k accounts with previous employers. By taking proactive steps such as consolidating accounts, actively managing investments, and ensuring funds are in secure investment options, individuals can better protect their retirement savings and mitigate potential risks associated with old 401k accounts.
About Bill McDowell
He has been in the financial services industry for over 20 years. His goal has been and remains to help my clients achieve their retirement goals, protect and grow their assets. Whether it is to leave a TAX FREE legacy TO THEIR LOVED ONE’S or to provide an income for life FOR THEMSELF AND THEIR SPOUSE. We take pride in helping achieve your specific outcome.
Bill is licensed in approximately 20 states and have protected over 250 Million Dollars in Assets. Unlike the bigger agencies we can provide a more personal level of attention and care. He looks forward to seeing you.
Learn More: https://www.mcdowell-agency.com/
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