Deciphering Your 401(k) in Retirement: What's the Best Move

Your Retirement Radio With Kevin Madden

Today, we tackle a question that looms large in the minds of many pre-retirees: What should you do with your 401(k) when retirement is on the horizon? It's a question that deserves careful consideration, and Kevin shares his expertise on the matter.

Kevin starts by addressing a recent Vanguard study, which found that 30% of people cash out their 401(k) plans at age 50 or later. Is this a good idea or a bad one? Kevin's take is clear: it's generally better to roll your 401(k) into an IRA as you approach retirement. This strategy allows you to continue deferring taxes and opens up a world of investment opportunities beyond what's typically available in 401(k) plans.

He highlights the concept of an "in-service distribution," which is a little-known option in some 401(k) plans that lets you move your money out while still employed, giving you access to a broader spectrum of investment strategies. From annuity contracts to individual stocks, this flexibility can be a game-changer for your retirement portfolio.

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