With the unemployment rate on the rise, many people that have a 401k plan with their present employees are interested in what will happen to the funds that they have invested. Well, the good thing is many employers are allowing new employees to commence in what is known as a 401k rollover.
There are of course both good as well as bad points in commencing in a 401k rollover plan. One of the major benefits of rolling over your 401k is it does not matter how much money you have in order to engage in the rollover since normally there are no minimum investments that you have to make.
However, in some cases you will need a minimum amount of $3, 000 in order to engage in the 401k rollover plan. If the amount of money that you currently have in your 401k account is below $5, 000 it may be difficult for you to rollover the funds that you had in your previous account with your other employer.
Aside from the benefits of 401k rollover there are a few things that many people feel are discouraging about engaging in the process. One of the first things is people feel as though they are losing an immense amount of flexibility when they commence in rolling over their fund.
A lot of 401k plans also have high fees so when you are commencing in the rollover process you need to take heed of the other company's fees that they are offering. A rollover can help you save the money that you presently have saved up in your retirement fund; however before you engage in the process of rolling your money over from one employer to the next it helps to read the fine print of your agreement.
For more information or to get free help with a 401k rollover or IRA rollover call P&G Financial Group, Inc. at: 1-888-701-3222 or visit: http://www.pngfinancialgroup.com.
Article Source: http://EzineArticles.com/?expert=Jason_Pollington
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