Mailbag: Should I Combine My Old 401(k) Accounts?

Today’s Prep:

What should you do about 401(k) accounts from old jobs? How can you find out what your Social Security benefits would be? Eric answers these questions on today’s show.

(Click the featured times below to jump forward in the episode)

Equipping Points:

From Clive, Howard, who is 63, is not enjoying watching his investments take a hit. A couple of years away from retirement, what should he do? Eric says you don’t want to have the market dictate when you retire. It never hurts to look at a plan and see if you can make some adjustments now. Stress-test your plan so you can weather any storms you may face in the future. You need to understand how risk impacts your portfolio, which will help you stop worrying about running out of money.

Lill in Knoxville used to get statements in the mail to show what her Social Security benefits would be but hasn’t received one in a way. How can she find that out now? Eric says you can create an ID through Social Security to check it anytime. There’s also a link to estimate your retirement benefits. Have you factored in your Social Security and the best strategy to withdraw it as a part of your retirement plan?

Tommy in Waukee has two 401(k)s from previous jobs. One is a Vanguard account and one is Fidelity. Should he combine them or keep them separate? Eric recommends some consolidation. Remember that diversification is not just about having two different custodians, but about the assets within your funds. Diversification should come from your investments, not your investment firms.

Listen to the entire episode or skip ahead using the timestamps below.

[0:46] What should I do about my investments taking a hit so close to retirement?

[4:07] How can I find out about my Social Security benefits?

[8:31] Should I combine my previous 401(k) accounts?

Today’s Takeaway:

You don’t want to have the market dictate when you can retire. You want to retire when you want to retire.”

-Eric Peterson

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

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