If you just got a new job, don’t forget to roll your 401(k) over from your old employer—otherwise, your former boss may move your money for you, forcing you to miss out on market gains.
Known as involuntary rollovers, employers who don’t want to pay administrative expenses for keeping a former employee’s 401(k) account open can simply move the money into a safe harbor IRA—a type of fund that often comes with low yields and unforeseen fees. While this only applies to accounts with $1,000 to $7,000 in them, that’s a small enough amount that some people can simply forget they have the funds and leave them to rot.
There are about 1.7 million of these accounts floating around the financial ecosystem filled with roughly $28 billion, according to the Wall Street Journal. So maybe lay off the profanity the next time your old boss calls you...it might be about forgotten money.
There's a massive opportunity right now: 82% of business owners have no life insurance agent, yet they control over $38 trillion in assets. The market is shifting, and this niche is highly underserved.
We provide the markets and support to help advisors like you serve these clients. Open to a quick chat with our owner to see if this aligns with your goals? We are looking for individuals or agencies in any of the entities shown in the image.
Larry Potter
Lgpotter33@gmail.com
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