Solutions 4 Financial Independence: 02/20/18

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BRIDGEPORT, W.Va (WDTV)- Question: My retirement plan has an in-service rollover option, what exactly does this mean?

Answer (John Halterman-Beacon Wealth Management): "I'm glad you are asking about that because that is a big deal.

Normally in a retirement plan you have to wait until you separate from service or reach the age of 59 1/2 to rollover. What an in-service rollover allows you to do is actually roll the money in your plan over to an IRA before you retire.

So, what is the big deal? A 401(k) is great for the free money, which is what the company matches you. If you take away the free money, you are limited to just the investment options they provide to you. So by rolling it over to an IRA gives you the potential to have more investment options, gives you more control for yourself, and you can add other benefit features to it also.

So, I'm not saying it's something you absolutely should do, but it is nice to have that option and it is good to consider what the differences are and what the impact on you will be."