The term "Empower rollover" likely refers to rolling over retirement funds through a provider like Empower Retirement. This is typically seen when someone leaves a job and wants to move their 401(k) into an IRA or another 401(k) plan.
The benefits of a rollover can include more control over investment options, potentially lower fees, and consolidating your retirement savings for easier management. When considering a rollover, it's crucial to check if there are any fees associated with the rollover itself or account maintenance afterward.
One tip is to ensure the rollover is done as a direct transfer to avoid potential tax penalties. Additionally, it's worth comparing the investment options and fees of the new plan compared to what you're leaving. Consult with a financial advisor if you're unsure, as they can provide specific insights tailored to your situation.
For more detailed guidance, the Department of Labor’s website has resources on managing retirement accounts that might be helpful.
