IRA’s & 401K Rollovers

The following is a hypothetical example of how Fairway Financial interacts with the community.
This is a fictitious creation by the author to demonstrate our services. None of the names or images belong to actual clients, accounts or relationships.

Megan is a 37 year-old aspiring architect. Since graduating NC State she has bounced around a number of firms in her native Charlotte. Last year she moved to a new firm in Matthews and now feels like she has found a ‘home’, but…

She’s overwhelmed with the monthly avalanche of statements she receives in the mail from the 401k plan accounts she holds with all her previous employers.

In total she has already accumulated over $150,000 in retirement savings, but the money is spread over four old accounts as well as a fifth with her current employer.

She came to FairWay Financial looking for help in getting better control of these accounts. Trying to manage investment choices within five different accounts was never going to simplify her life, so we proposed alternatives to remedy that situation, before settling on a consolidated solution that made her feel comfortable.

We helped Megan make phone calls to the various firms who held the old accounts and provided instructions to move that money into a new IRA account for her, while making sure to be specific in our language so that we avoided any unwanted penalties or complications. Two of the firms insisted on sending paperwork to close those accounts and we were able to make sure Megan completed those correctly, avoided penalties and safely deposited the money into her new account.

Working with a financial advisor can help you move money in an efficient manner.