Ep 5: Old Accounts Could Turn Into Hidden GemsInvesting Planning
On This Episode
As we move through life, some things end of falling through the cracks. That happens with our finances as well because old accounts will often get forgotten about. Digging up an old 401k, life insurance policy, and other accounts can end up turning into hidden gems if you put them back to work. Let’s talk about how to do that.
When was the last time you took a deep dive into your financial portfolio? You might be surprised to find an old account that you’d long forgotten about for whatever reason.
Whether it’s a 401k from a previous employer, a life insurance policy you bought decades ago, or a pension from three jobs ago, these old accounts are a nice surprise but they probably aren’t doing a lot for your future anymore. Re-evaluating your financial plan and finding a better way to use this money can end up providing much better returns in retirement.
On this episode of the Saving with Silverman podcast, Mark will talk to us about some of the most common accounts clients will find when we look through their entire portfolio. Then we’ll give you an idea of how each of these accounts can be repurposed into something different and generate additional income for you.
Hopefully when this show is over, you’ll dig through all of your files and think back to your previous jobs and try to find hidden gems within your financial portfolio. We’re always here to help with that process and we’ll talk about that happens when you come in for your first meeting.
It’s time to get this episode started. Use the timestamps below to skip around to specific topics.
A lot of people sit on old 401ks and have things all over the place. And it’s hard to get an accurate picture of what you have when you have so many different things and you’re not looking at then all together.
- Mark Silverman, CFP®
Let’s get rolling with the first episode and you can use the timestamps below to skip around to specific topics.
1:12 – Finding an old 401k
2:12 – An old life insurance policy you’ve been playing on. What can you do with this?
3:31 – Savings accounts, money market, or a CD
4:33 – Changing jobs often makes you forget about old pensions.
5:34 – How we’ll help you find these old accounts and put a plan together.
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