On this week’s Talking Texoma Shana Jackson is talking with Dusty Sternadel, a financial advisor at Ameriprise Financial. Dusty explains that when someone has a 401k and then transitions to a new job, there are a couple of different things that can be done.
Ideally, if someone is with a company and they transition into an entirely different company, they typically have a couple of different options. They can rollover their old 401k to a trusted financial advisor, or they can roll it over into a new 401k at their current position. Dusty feels it best to sit and have a conversation with their financial advisor. If they don’t have a financial advisor, Dusty recommends getting the advice of one at this point.
Pension plans are a bit different. If someone is fortunate enough to be with a company that has a pension plan, it’s very important to get qualified advice on what to do. When a call is made to the pension department or the HR department, they can’t always give advice on what to do. They’re probably going to state the options available, but it’s best to seek out a trusted financial advisor to give the advice needed. Often times if a bad decision is made, it can’t be changed.
Dusty would love to help you become educated in any of these departments, so call her today at Ameriprise Financial.