Helpful tips for your 401(k) and Individual Retirement Accounts (IRAs)
Do you have an employer 401(k) plan or other retirement plan assets? Should you consolidate accounts? Here are some ideas and recommendations to consider.
Benefits of Company 401(k) plans
If you leave your money in a company 401(k) plan rather than rolling it into an IRA) is no required minimum distributions (RMDs) if the account owner is still working. Generally, account holders must start withdrawing from their retirement accounts at age 72. The RMDs at age 72 apply only to traditional IRA accounts and not to Roth IRA accounts.
You probably already know these things, but it is always a good reminder to remember the following items to minimize the risk of your identity being stolen. The time and money you will spend in recovery is expensive – and potentially avoidable.
Passwords - Using passwords that include a mix of letters, numbers and special characters makes it harder for identity thieves to crack these codes. Consider a phrase instead of a password and intertwine numbers and/or characters (e.g. Lov3MyK!d5). Another trick is to use three unrelated words (e.g. LatteSleepFrog).