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

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

Mailbag: Should I Move my Mom’s Money into Investments?

May 26, 2022

Where’s the best place for your money to go? Several people are considering where their money should be, so Eric answers three questions from the mailbag for today’s show.

Read More

A Perfect Match: Tennis and Retirement Planning

May 19, 2022

Ready to ace your retirement plans? Let’s talk tennis and see how much it relates to your financial plans on today’s show.

Read More

Mailbag: Money Management Tips For Younger Couples

May 12, 2022

What financial advice does Eric have for younger couples? What can you do to reduce next year’s taxes? Eric answers these questions and more from the mailbag.

Read More

Building a Plan for the Long Haul

May 5, 2022

What do you need to get you through the long haul of life? Eric talks us through what this looks like in your financial plan and how to build it with an eye on a distant horizon.

Read More

What Do You Need to Know About Today’s Inflation?

April 28, 2022

Everywhere you turn there’s a headline about inflation but what do you need to know about what’s going on? Eric weighs in on the recent numbers and what you can do about it.

Read More

Mailbag: Should I Save Elsewhere Besides My 401(k)?

April 21, 2022

What kind of savings do you really need for retirement? Are you working with the right advisor to get you there? Eric answers three questions from listeners.

Read More

Playing the Retirement Game Show

April 14, 2022

Come on down! We talk about our favorite TV game shows and how it relates to our financial plan (and when it should look different).

Read More

Tax Season

April 7, 2022

What do you need to know when it comes to tax planning? Eric outlines the ways a tax strategy can make a big difference in your retirement plan.

Read More

Asking the Wrong Questions

March 31, 2022

What do I really spend? What does it take to maintain this standard of living? And what changes in retirement from when I am working from an expense side?

Read More

Understanding Financial Feelings

March 17, 2022

How you feel about things has a big impact on your financial decisions. We talk through several areas where understanding your feelings can help you determine what’s best for your financial plan.

Read More

Leave a Comment