4 Reasons to Rollover Your Old Retirement Plans

*This post is sponsored by Capitalize. All opinions are my own.

 Did you know that as of May 2021, there is more than $1.3 trillion in “forgotten” 401k accounts owned by over 24 million participants?! That is a lot of money to just leave behind that might not be as smartly invested as it could be! This is one of the issues with failing to rollover your old retirement plans…your money might not be working as hard for you as it could be.

As you know, I’m all about getting the most bang for your buck. Always. So, when it comes to retirement, rolling over your old retirement plans into new or current plans can be an incredible option for you. Keep reading for 4 reasons to rollover your old retirement plans and one of the easiest (and cheapest) ways to do so.

4 Reasons to Rollover Your Old Retirement Plans

#1 You’re not maxing out your earning potential

What makes a retirement plan so lucrative is the constant contributions over time. That means your contributions AND earnings (gains) compound over time. The more you contribute, the more you earn, the more you have in the end.

When you’re no longer contributing to an old retirement plan (usually because you left that employer), it means you’re missing out on major compounding gains. You’re not adding to that plan, and therefore the only growth is based on what’s currently in the plan.

To get the most bang for your buck, in terms of earning potential, you’ll need to start contributing to it. The only way to do that is by rolling it over into an IRA or your current employer’s retirement plan.

#2 You run the risk of forgetting about the old plan(s)

Out of sight, out of mind, right? Right! Another reason to rollover your old retirement plans is to avoid forgetting about the plan. If that statistic above doesn’t scare you, I don’t know what will! A lot of people have left a lot of money on the table because they’ve forgotten about their old plans!

I don’t want you to be one of those 24 million people. And you don’t have to be! Roll over your old retirement plans into your new or current ones, so you know that all your assets are accounted for and can keep growing.

#3 You’re not as organized as you could be
The more accounts you have, the more organized you need to be. When you have financial accounts (whether they’re old retirement plans or not), all over the place, it takes a lot to keep track of them all. Bank accounts are easier because most people don’t forget about their cash. But the more retirement plans a person has, the less organized they end up being.

Make your financial life easier by rolling over retirement plans. Having all your retirement funds in one place makes it so much easier to manage and keep track of. That organization will allow you to focus on building wealth – not on wondering what wealth you already have.

#4 You could be paying more in fees

When it comes to retirement plans or investing accounts, one thing that can’t be escaped are fees. They will always have a management fee. However, if you’re no longer with the company that has your old retirement plan, you could be paying more in fees. In fact, 73% of people don’t know how much they’re actually paying in 401k fees.

The more retirement plans you have across multiple companies, the more fees you’re paying. When you get all your retirement funds into one place, you only have to worry about the fees associated with that current plan. That’s a lot easier to manage and helps you make sure you’re doing everything you can to max your earning potential!

How to Roll Over Your Old Retirement Plans

I have no doubt that the reasons listed above are enough to encourage you to rollover your old retirement plans, but I’m sure you’re now wondering: “how the heck do I rollover old retirement plans?”

One word: Capitalize.

I came across Capitalize not too long ago, and I was blown away. Not only do they help facilitate the rollover process, but they do the research to find your old plans and get everything in your new/current plan…FOR FREE!

That’s right! They provide their service to customers for free! I nearly fell out of my chair too! Here’s the thing, I always advise my clients to rollover old retirement plans, and I know it’s a necessary process. I’m so happy that Capitalize is a company out there that helps make the process easier and less time consuming, all at no cost!

You may be wondering, like I did, how they make their money. Well, they make their money off affiliate commissions. If you open an IRA with one of the companies they are partnered with, then they get a commission. No loss to you!

There’s no doubt it’s smart to consider rolling over your old retirement plans. The question is, are you going to waste your precious time trying to find them and get the rollover started, or are you going to let Capitalize take the load off of you, for free?! Learn more and give Capitalize a chance…you won’t be disappointed! Have you rolled over old retirement plans before? What was your experience? Drop a comment below to share!

The CGS Team



1 thought on “4 Reasons to Rollover Your Old Retirement Plans”

Leave a Comment

Your email address will not be published. Required fields are marked *

19 − sixteen =

Related Posts