locate a financial professional

401k Rollover

A 401K or 403B is an employer sponsored retirement plan which employees contribute part of their salary towards retirement and in many cases the employer matches a part of the employee’s contribution.  If you are changing jobs or retiring, knowing your rollover options is important.  There are usually several options for deciding what to do with the money in your 401K.  As for tax purposes, the IRS rules vary depending which option you choose. The main differences are in your investment choices and the corresponding rules to your situation. Contact a local financial planner to determine the best option for you.
Find out more information about a 401K rollover by contacting a retirement professional. Find local 401K rollover assistance professional in your area.

Normally after changing jobs, your options would be to rollover to an IRA account, remain in the current employer sponsored plan, or transfer to another employer sponsored plan. When changing jobs, you may consider rolling over your current 401K into an IRA account. A rollover IRA is a way to move your money from a 401K, 403B, or other employer sponsored retirement plan into either a traditional or Roth IRA.  This option will help keep your investment growing and it will also continue to be tax-deferred.  When considering rolling over funds, it is best to meet with a professional who can help to minimize any risks while keeping your investments safe.  

The following are topics to consider when seeking assistance with your 401K rollover:

  • Retirement Planning
  • IRA Account
  • 401K and 403B
  • Early Withdrawals
  • Income Taxes and 401K
  • Annuities and 401K

Retiring planning requires many decisions to be made. If you are retiring your options may include liquidating your 401K, remaining in your current plan, rolling over the money into an IRA, or investing in annuities.  You will also be responsible to pay taxes in successive years. Rolling over your money directly into an IRA will help you avoid the 20% tax withholding and may be a good option. If you choose to invest in annuities, it will give you a fixed payment for the rest of your life or until the money runs out. The disadvantage to this is that your payment will be fixed and your circumstances may change.

It is unfortunate that a lot of people take unnecessary losses and penalties by withdrawing the funds, which can severely impact your quality of life if you are currently retiring or it can set your retirement back years if you are still planning for it.  Contact a Professional financial planner today to minimize any unnecessary risk.

Need help with your 401K rollover? Contact a local retirement professional today for assistance with your 401K rollover.