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Like trophies of your employment past, you've managed to accumulate a workplace savings plan for every job you've had.
While you should try to let your nest egg continue to grow as long as possible, it is good to know you have the option of using some of your savings without penalty — though you will, of course, still need to pay income taxes on any distributions.“This is not a decision that has to be made tomorrow,” adds Scheil, who is also the author of “The Complete Cardinal Guide to Planning for and Living in Retirement.” “You could decide to do nothing for a year or two and then roll it over.”Down the road, you may find benefits to moving your money into an IRA.
Every plan is different, but 457(b) accounts typically don’t offer nearly as many investment options as IRAs, says Scheil.
Q: What is the smart play on my 457(b) retirement plan, which has a $600,000 balance?
I’m retiring at 54 and wonder if I should roll it over into an IRA or keep it in the 457(b)?
An IRA consolidation strategy is suggested, and the section concludes with a three-step action plan for investors like Patrick.