You have a 401(k). But you’ve recently retired and now aren’t sure what to do with that 401(k). Should you leave it as is, or is it better to rollover into an IRA? Well, while this is a question you will probably want to discuss with a trusted financial advisor, we can give you a few points to consider so you can start to think about your options on your own.

When deciding the best course of action for your money, you need to think about the purpose of your money. Will you need it in the immediate future? Do you want it to grow? Is it for the future? For money you need now, rolling over may not be the best idea for you, as you won’t be able to borrow against your own account. But if your money is for the future, if you plan to use it for the long run, then you may want to consider the following advantages of a rollover:

1. You’ll have more options.

401(k) plans are often restrictive in nature. Your employer offers you a predetermined selection of investments, and you are limited to investing in those. What if you aren’t a fan of what they’re offering? Well, IRAs offer more flexibility in investment options. You’ll be in control of where you put your money, and can do it without having to pick out of a preselected basket of options. You can diversify or put your money where you can generate the most income for your retirement.

2. You’ll have lower fees.

Your 401(k) plan can be pretty expensive. Administrative fees can eat up a portion of your gains. Furthermore, once no longer employed at a company, some employers will stop paying part of the fees, which may be forwarded to you. Rolling over can help avoid this and keep costs to a minimum.

3. You can simplify your investments.

Have multiple 401(k)’s? It may be hard to keep track of them. Rolling over into an IRA can put all your investments in one place, making them easier to manage. With more oversight and control, you can have a better hand in assuring yourself a good return.