i want to rollover my 401k..how do i ck the company to make sure its legit? and how i i ck the advisor ?

Question

i dont want to be scammed,how do i verify everything?

im looking to invest in something called balanceplus annuities

i want to ck out co.named amaeican investors life..to buy balanceplus annuities..how do i verify this company??

Answer 1

DO NOT ROLL YOUR 401K OVER INTO AN ANNUITY!

Seriosuly, they should put advisors in jail that sell annuities to people doing rollovers.

An annuity is an insurance contract. As such, it adds all kind of fees to the management of your money.

You often can buy the same mutual funds in an annuity that you can buy on a plain old IRA rollover, but they cost an extra 1-1.50% EACH YEAR to buy them in an annuity (often called the mortality expense or M&E).

The insurance portion of the annuity is a rip-off and almost never used by the holder.

Additionally, many annuities sales people tout the tax-deferral feature of annuities, but they are failing to tell you that you don't need it for your rollover because IRA's are already already tax-deferred!

Seriosuly folks, friends don't let friends by annuities in the their IRA's.

They are some of the highest commission financial products out there... that should tell you something!

Good luck.

Ken Clark
Certified Financial Planner

Answer 2

Odd question. If I had a wiff of concern about the integrity of a company that I was going to hand over 401k money to I would not do it.
Just by you asking the question makes me think there is something odd going on here.
If you have over 5k (maybe less or more differs sometimes) you may be able to keep it with your ex employer. Sometimes they try to push you out. But if the funds are OK, let it sit there.
Are you going to open a self directed IRA? There must be at least 100 companies that are well know public companies you could use. Just buy any finance/retirement magazine and look at the ads.

Answer 3

Are you rolling your 401k from a previous employer to a new 401k with a new employer? If yes, they should have IRS approved forms establishing their plan which they are required to provide to all employees whom are eligible to participate in the plan. You can contact the plan administrator or the HR department of the company to request this information. They should have a enrollment package for you as well.

If rolling it to a Traditional IRA, most are trusteed by a financial institution and it would be extremely hard to scam a bank which specializes with retirement plans. The IRS keeps a close watch on such accounts.

Answer 4

Tam-- why are you rolling it over??? Cause your advisor which you met last week said he could do better...You do not know this but they are gona take commissions -- got it. How do thing the advisor got gucci shoes, nice office and mercedes.. from commissions... I get the feeling since you do not know how to roll over --- you do not know what your doin---right. Just leave the 401 where it is... When you know why and how to do the roll over then you do not need an advisor.... Everyone sticks their head in the sand when it comes to investing there own hard earned money... Excuse they don't know how -- people with master degree say those exact words....Educated morons...

Answer 5

Go with a leader...rolling over with Fidelity has worked for me, my wife, one daughter... now have nice IRA accounts that we can trade in ( or let 'em sit) ...they're at the top of the lists for a reason: They do the job well...offer a zillion options..and explain them all...
I get a kick out of people scurrying around trying to save 95 cents on a trade or something...just put your mind at ease , get a good site...info, tools, real, live advice( if you want it)..
I hate to steal someone else's line, BUT...put your self in " good hands"

Whoa !! Just read the second part of your question... I am no expert, but there are " some" on this board..." annuities" ALWAYS seems like a dirty word with investors...( I believe because of the expenses you'll continually pay)... Best bet...re-phrase your question and get some knowledgeable replies...
Added later: THANK YOU, K.Clark..( next answer)

Answer 6

As for MJ dying on your bday ohh that would desire to truly suck cuz definite a everyday man or woman will over shadow something of a universal non everyday non action picture star man or woman.... i cant have faith he didnt have sufficient admire to die on somebody elses bday yet yours. what a real jerk off! Billy Mays died the day ofter your bday and Farah Fawcett the day until now MJ or the day of so yea your birthday would be thoroughly forgotten by ability of truthfully anybody in the completed international i will confirm it now next 12 months particularly of your dad and mom figuring out to purchase you supplies and a cake and particularly of spending time with you they are going to make a candle lite shrine for MJ and fully forget approximately approximately you there newborn! each and every little thing you ignored that grow to be important sufficient to comprehend has come on the information....until you dont have the television then you definately might desire to have examine the newspaper yet once you dont examine then thank goodness you acquire a guitar

Answer 7

If your bank doesn't handle accounts (retirement) and you're investing in them, you may want to consider moving your money elsewhere.

My credit union does all of this, so I have complete confidence in them...

good luck

and a good place to look at unfamiliar companies is... the better business bureau