Which destination should I choose for my transfer?

The ideal destination for your account balance will depend on the retirement resources available to you.

If you are currently paying into a 401(k) or similar employer-sponsored retirement plan, it is usually a safe and advantageous place to transfer your savings. However, your financial situation may be more nuanced, and opening an IRA or keeping the money in your old account could be a better choice for you.

We strongly recommend allowing our specialized in-app assistant, Henry, to help you make this decision. Henry's suggestions can help you determine your transfer destination without directly impacting your money, assuring that you are always in full control of your transfer journey.

1

Defined Contribution Plan (401(k), 457, 403(b), etc.)

For the user whose current employer offers a retirement savings account, our app is a simple plan-to-plan consolidation tool that helps you to locate and transfer old retirement account balances into your new plan.

An employer-sponsored plan is one of the safest and most advantageous options in which to grow retirement savings. The employer accepts the financial risk of your account so that you can invest worry-free. Additionally, many employers will match a percentage of your annual contribution, increasing the rate at which your savings will grow.

2

IRA (Traditional or Roth)

For the user who is in between jobs, or whose current employer does not offer a retirement savings account, our app helps you roll your retirement savings into an IRA. Our virtual advisor, Henry, guides you through every step of the process and provides key insights into the type of IRA that will best suit your needs.

Because an IRA is completely controlled by the individual (the “I” in “IRA”), you assume all of the financial risk associated with your retirement savings. However, your investment options are also highly flexible and customizable, perfect for the well-informed retirement investor. Depending on your tax bracket, you may choose to pay taxes on your account now (with a Roth IRA), or when you withdraw your savings during retirement (available for those with a traditional IRA).