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RFM Financial Solutions, LLC

Archive for March, 2015

Deciding what to do with your 401(k) balance when you leave a job does not have to be difficult. It is something that almost everyone will have to do at some point. The best approach is to look at the various options, understand the differences, and figure out how your decision will impact your ability to save for retirement. In general, here are the options available: 1. Keep your savings in your previous employer’s 401(k) plan (typically allowed if you have a balance of $5,000 or more); 2. Transfer your savings to your new employer’s 401(k) plan; 3. Transfer your savings to a Rollover IRA; 4. Take a cash distribution. Read more

Contemplating whether to contribute to a Roth IRA or a defined contribution (DC) plan (such as a 401k)? Words of advice: Follow the money! If your company offers you a match for your DC plan contribution, you should keep investing in the account up to the maximum percentage that it will match. This is free money, and you won’t find a better deal any place else. Read more