401k Retirement Question

[stepaukob]

What do travelers look for in regards to retirement?

As a traveler prospect, would it be of my best interest to find a company I am going to stick with or is it ok to bounce around? Also, do larger companies provide more choices in various areas of the country?

Any answers/suggestions would be appreciated. Thanks

[suzanne4, RN]

Most travel companies have 401Ks just like other local companies.

The type of company that you sign with should also be based on the type of specialty that you are looking for work in, as well as the location that you are interested in. Not all agencies have work in all locales.

But the most important factor for any company is the recruiter, they can make or break an assignment.

[daisydoll]

If you change companies often, would it be worth it to invest in 401K with all of them? I have been told it is difficult to rollover the balance into another account, and seems like it might not be worth it if one were not to stay with the same company. However, I do want to save for retirement and dont want to miss out on opportunities to save.

[llg, PhD, RN]

Rollovers are easy. Don't let that deter you. In particular, don't let that fear prevent you from accepting and matching contributions offered by your employer. That's "free money" they are offfering. Take it.

To do a rollover ...

Simply open an IRA Rollover Account with a financial institution (such as a bank or brokerage house). Most major banks can do that for you. Then, when you leave an employer and are allowed to withdraw the money that you saved while you worked with them, you take a copy of your paperwork (with the account # etc. on it) to the institution that holds your IRA Rollover Account. THEY send a request to your company to move the funds from the company into your IRA Rollover Account. The money simply moves from one institution to the other. Because you never actually "touch" the money, there is no danger that you will make any mistakes and have to pay extra taxes or penalty on that money because of the rollover. It's easy. The IRA Rollover Account person does all the paperwork for you. All you have to do is give them the information on the account you wish to move and sign the request.

Each time you leave a company ... roll the money over into your IRA Rollover Account and watch it grow!

[daisydoll]

llg, does it cost anything to open or maintain a rollover account?

[llg, PhD, RN]

llg, does it cost anything to open or maintain a rollover account?

Nothing extra -- just the normal fees that any investment account pays. Investment accounts are different from a regular savings or checking account. Because you are expecting the professional to manage the investments for you, there is usually a fee involved. Each institution handles it a little differently. But the people at the bank or investment firm need to earn a living ... and if you are asking them to do work for you, it's not unreasonable for you to pay them.