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Moving your retirement savings from TIAA to Fidelity can seem like a daunting task, but it doesn’t have to be. With the right guidance, you can make the transfer quickly and easily.
Are you frustrated with the limited investment options and high fees at TIAA? Are you ready to explore a wider range of investment options and lower fees at Fidelity?
Transferring your retirement savings from TIAA to Fidelity can provide you with greater control, flexibility, and potential savings. This step-by-step guide will walk you through the process.
In this guide, we will cover the following topics:
- Benefits of transfer
- Step-by-step guide
- History and myth
- Hidden secret
- Recommendation
- Tips
- Fun facts
- Conclusion
Benefits of Transfer
Transferring your retirement savings from TIAA to Fidelity can offer you several benefits, including:
Lower fees: Fidelity typically offers lower fees on investment products compared to TIAA, potentially leading to significant cost savings over time.
Greater investment options: Fidelity offers a wide range of investment options, including mutual funds, ETFs, stocks, and bonds. This allows you to diversify your portfolio and pursue your financial goals more effectively.
More control: By transferring to Fidelity, you gain greater control over your investments. You can choose the specific investments you want and make changes as needed.
Step-by-Step Guide
Follow these simple steps to transfer your retirement savings from TIAA to Fidelity:
1. Open a Fidelity account: Create an account with Fidelity and provide your personal and financial information.
2. Initiate the transfer: Contact TIAA and request a transfer of your retirement savings to Fidelity. You will need to provide Fidelity’s account information.
3. Provide necessary documents: TIAA may require you to provide additional documents, such as your Social Security number and proof of identity.
4. Wait for the transfer to complete: The transfer process typically takes a few weeks, depending on the type of account you are transferring.
History and Myth
The history of retirement savings transfers is long and complex. In the early days, there were few options for transferring retirement savings. However, as the retirement industry has evolved, so have the options for transferring assets.
One of the biggest myths about retirement savings transfers is that they are always taxable. This is not true. In most cases, you can transfer your retirement savings tax-free.
Hidden Secret
There is one hidden secret about retirement savings transfers that few people know. This secret is that you can often get a bonus for transferring your assets.
Many brokerage firms offer bonuses to new customers who transfer their retirement savings. These bonuses can range from a few hundred dollars to several thousand dollars.
Recommendation
If you are considering transferring your retirement savings from TIAA to Fidelity, I highly recommend that you do your research and compare the two companies. Fidelity is a great option for many investors, but it may not be the best choice for everyone.
Here are a few things to consider when comparing TIAA and Fidelity:
- Fees
- Investment options
- Customer service
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