Have you recently retired, quit, or been let go at work? What happens to the money you have saved in your employee retirement plan?
Whenever you leave your job, there is a lot to think about. Whether you left willingly or not, you have a lot of decisions to make. Where will I get my heath insurance? Will I get a new job? How will this affect my short-term financial plan? For many of us, these immediate needs overshadow the long-term planning goals you have set for retirement. However, failing to address your retirement needs could cost you more than you realize.
If you have ended your employment, you have
Consider an IRA rollover. This could be a smart move, and we can help you accomplish it. Through a trustee-to-trustee transfer, you avoid the 20% withholding tax that would otherwise be incurred by simply taking a distribution from the old plan and depositing that money in an IRA.
Want more tax-deferred growth for your retirement savings? An IRA rollover allows that to happen. You get continued tax deferral, you retain personal control over the money, and you can revise or change your investment mix as you wish.
If you have recently terminated your employment or you are planning to retire or change jobs, please reach out. We would be happy to be a resource to help you make a plan for your old retirement account and any new retirement accounts with your new employer. We know that these big life changes leave you with a lot of decisions. We would love to help you with financial strategies that help you to work toward your future financial goals.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite, LLC, is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.
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What Happens to your 401(k) When You Leave Your Job?
April 29, 2021