It’s critical to understand the implications of your decision to move money out of a retirement account. Before you do anything, review our guidance below and then ask yourself: Is it worth it? Only you can determine if what you receive in return justifies the cost.

Whatever you decide, make sure it’s the best decision for you and your situation. Here are some considerations.

Guide your decisions

• Keep your emotions in check. When it comes to money, emotions can be useful in driving people to take action, but they can also lead to disastrous results if emotions like fear drive the decision. Take your time and do your due diligence before making any decisions to move your money.
• Uncover the costs. You wouldn’t walk onto a car lot and ask the salesman to pick out the best car for you without asking how much it costs. But people do this all the time with investment products.
  When you are talking fees with the advisor/broker, ask for a list of all the costs and identify which are one-time fees and which are ongoing. Many times, the fees are not obvious or easy to understand. Every dollar you pay in fees is not earning interest in your account, so consider the potential earnings you’re losing out on. Learn more about fees.
• Brush off social pressure. If you are approached, don’t feel pressured to use the financial services of someone you know, like the spouse of a friend or neighbor. Remember, this is a business transaction, not a social event. They are not doing this as a favor—this is how they make a living. Whoever you decide to work with, make sure you do it for the right reasons.
• Identify restrictions. Generally, the more guarantees or promises you are getting with a product, the more restrictive the withdrawal options. Most annuities, for example, have surrender periods of 5 to 7 years. This means you may be locked into the contract for that period and unable to withdraw your money without paying surrender fees, which can run as high as 7% of your account balance depending on the longevity of the account.
• Don’t believe everything you hear. Sometimes brokers will say you need to move your retirement money from your current provider to their company because “you can’t stay in that plan” or “you can’t roll over into a new employer’s plan.” That may not be entirely true and could result in a poor financial decision on your part. Information such as this should always be validated by your provider before you take any action.
• Know if you’re eligible (or not) to return. If you close your retirement account with a specific company, there may not be an opportunity to come back if you change your mind. Before you close an account, call your provider to learn about what this means for your eligibility to return.
• Get help. Member Benefits retirement consultants and financial advisors do not receive commissions, so for those who qualify, you can receive unbiased information when you need it. Our financial advisors are also fiduciaries. This means the financial advisor has made a commitment to always work in your best interests.

Learn reasons why you may want to move money.

Why stick with Member Benefits?

Staying with us or moving money to Member Benefits is a great idea, but don’t take our word for it! These are just some of the reasons our participants have chosen us.

• Investment guidance: Participants can use our advisor-managed portfolio program, our licensed staff for guidance and coaching, and/or build their own portfolio. All options are included at no additional cost.
• Combining accounts: We accept rollovers from a variety of retirement plans, including IRAs, 401(k), 457(b), SIMPLE IRA, and SEP IRA.
• Access to advice: As a program participant, you have access to personal financial advice from WEA Financial Advisors.
• Member focused: We operate as a trust, reinvesting any profits back into programs that benefit our participants. Our staff is not paid on commission, but rather serve as advocates for you and your family and will help you understand what’s best for your financial journey.
• Family eligibility: Your spouse/domestic partner, children (and their spouses), parents, and in-laws may be eligible to open a low-cost IRA with Member Benefits.*
• yourINCOME PATH: Strategies to help you plan your withdrawals in retirement at no additional cost. Read more to learn about these services.

Learn more about rollovers, transfers, exchanges, and more

* Family members, including your spouse or domestic partner, children and their spouses, parents, and parents-in-law, may also be eligible to participate in many of our programs. Restrictions may apply. Certain state residency required.