Navigating the intricacies of retirement planning often presents a complex challenge. Among the array of options available, one might encounter the concept of a 401K rollover. This article aims to demystify this process, providing clear, concise information that empowers readers to make informed decisions about their financial future.
Understanding a 401K Rollover
A 401K rollover refers to the transfer of funds from a previous employer's plan into a new retirement account, which could be another 401K plan with a new employer or an individual retirement account (IRA).
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An annuity is a financial product designed to provide a steady stream of income during retirement. It is a contract between an individual and an insurance company, where the individual pays a lump sum or a series of payments, and in return, the insurance company agrees to pay a regular income for a specified period or for the rest of the individual's life.
Here are some steps to take if you're looking to add annuities to your retirement planning portfolio:
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