John Colyer, Financial Advisor

If you're considering what to do with an old 401(k), moving it to an IRA can offer several compelling benefits:

1. Greater Investment Options: Unlike 401(k) plans, which typically have a limited selection of investment choices, IRAs provide access to a wider range of investments, including individual stocks, bonds, mutual funds, and ETFs. This flexibility can help you tailor your portfolio to better match your financial goals.

2. Potential for Lower Fees: Many 401(k) plans have higher administrative fees and investment-related costs. By rolling over your 401(k) into an IRA, you may benefit from lower fees, which can help your savings grow more efficiently over time.

3. Consolidation and Simplicity: If you have multiple 401(k) accounts from previous employers, consolidating them into a single IRA can simplify your financial life. This makes it easier to manage your investments and monitor your progress toward retirement goals.

4. Enhanced Control and Flexibility: IRAs generally offer more control over your account, including the ability to take distributions or make changes to your investment strategy according to your needs. This added flexibility can be particularly beneficial as you approach retirement.

5. Beneficiary Options: IRAs often provide more options for naming and managing beneficiaries. This can be important for ensuring your assets are distributed according to your wishes.

Before making any decisions, it's wise to consult with a financial advisor to understand how a rollover could impact your specific situation. But for many, rolling over an old 401(k) to an IRA can be a strategic move for enhanced growth, flexibility, and control over retirement savings.

Today is National Financial Awareness Day! It’s the perfect time to review your financial situation. If you’re looking to become financially secure, I’m here to help guide you on your journey. Let’s talk!

Market volatility can be nerve racking, but you don’t need to react out of fear. Consider focusing on long-term goals and staying disciplined during short-term market swings is vital. Let’s review your investment objectives and keep investing in your future, despite what the headlines say.

Don't let this be you! Schedule a time to start planning for retirement, the sooner the better!

Lately I have been getting a lot of questions about what type of investment account would be good to open for kids.

One of the most popular accounts is the UTMA.

It has some tax benefits but has the most flexibility when it comes to what you can use the money for.

In Pennsylvania, when the child turns 21, the account becomes theirs. Until then, the parent is the custodian and controls the account and chooses the underlying investments inside the account.

If you want to know more or open an investment account for your kids, send me a message!

Contact me to see if a managed account is right for you!

If you spend more time planning a vacation than your finances every year, you should seriously consider taking advantage of the FREE financial analysis that I offer.

What is included in a financial analysis with me?

1)Step by step debt elimination plan
2)Auto/Home insurance comparison
3)Calculation for life insurance needed
4)Your financial independence number
5)See if you are on track for retirement
6)Emergency fund review
7)College/Future goals fund plan
8)Review of current investments

Why do I offer this for free?

Because I have a passion for helping people with their finances and I don't want you to make mistakes that could have serious impacts later in life.

Significant life changing events can generate a need for financial protection for your loved ones. If you’re planning on getting married, starting a family, or buying a home, now might be the right time to consider term life insurance.

Contact me if you want to get a free quote. Life Insurance is way more affordable that most people think.

I asked chatgpt what happens if you don't save for retirement, which answer do you like the best? 😅

In 2023, investors held on to excess cash to take advantage of generous interest rates.

However, sitting on cash comes with an opportunity cost. With rate cuts on the horizon, the attractive yields on cash can disappear quickly.

Now may be the time to move cash off the sidelines and lock in alternative investment opportunities to meet your long-term goals.

You often don't see how powerful investing can be until you do it continuously for a few years!

Discipline is key!

On National Life Insurance Day, spend time learning about the benefits of term life insurance and why it’s important to have a plan in place. If you have people depending on your income, this one simple act could have a major impact on their financial future.

You’ve changed companies a few times … and have a few 401ks left behind. When you change companies, deciding what to do with your old 401k probably isn’t your top priority. That’s understandable, it’s not critically urgent to do something with it right away; but once you get settled, it’s probably in your best interest to consolidate all of your retirement investments in one place.

Rolling over your 401k(s) to an IRA with your advisor could benefit you for the following reasons:

Simplicity

Having all of your investments in one place can make the process of investing for retirement simpler. It takes extra time to keep track of multiple accounts and to make sure that they are all working together.

Access to a wider range of investment options

Your 401k is usually limited to a narrow range of investments, your advisor probably has access to a much wider range of investments that make it easier to tailor a portfolio to your specific needs. When you have investments in multiple different places, it makes it more difficult to make sure all of your accounts are working together in harmony.

Helps with financial planning

When you consolidate all of your investments with one advisor, it makes the financial planning process easier. Your advisor will have access to all of your accounts and can manage them and provide you with more accurate advice.

Easier to manage retirement income

401ks are often not the best vehicle to generate retirement income. Many 401k providers recommend (or require you to) rollover your dollars into an IRA when you’re ready to use the funds to create an income stream for you. Your advisor is likely to be well suited to help you design a plan to generate an income stream from your retirement accounts.

May result in lower fees

The fees inside of 401ks are often non-transparent. If your advisor is a fee-only fiduciary, your fees should be more transparent by consolidating your investments with your advisor. Your overall fees may also be lower by consolidating your accounts depending on the size of your accounts and the differences in investment expenses.

This is just a friendly reminder to stay invested.

For the last 50 years, the market was down at some point every year.

Only 7 of those years ended the year down.

It's always a good time to invest for the long run.

I'm looking to grow my team!

Who do you know that's looking to make extra money part-time and make their own schedule??

I will train them, they just need to be willing to get licensed.