If you’re changing jobs or retiring, you have many important financial decisions to make. One key decision involves what to do with your employer-sponsored retirement plan.
If you’ve worked at several jobs, you may even have multiple 401(k)-type plans from previous employers. Managing all those accounts can be a real challenge. I can help you review and compare all of your options, explain the federal income tax consequences of each and help you make a decision that is right for your situation.
When thinking about your personal situation, you may want to consider your options, such as:
- Keeping your assets where they are
- Withdrawing your assets (taxes are generally due upon withdrawal and any applicable tax penalties that may apply), or
- You may choose to rollover your assets to an employer-sponsored retirement plan that accepts rollovers
- Another eligible investment vehicle with more investment options.
Regardless of why you change jobs, the responsibility of safeguarding your retirement savings is in your hands.
I’m here to answer any questions you may have about your options, and I’m committed to help you achieve your financial goals and to help make your retirement financially secure.
In the meantime, please feel free to call me directly at 216.233.9704 or email me at John.Bentley@voyafa.com
Rollover assets may be subject to an IRS 10% premature distribution penalty tax. Consult your own legal and tax advisors regarding your situation. Please carefully consider the benefits of existing and potentially new retirement accounts and any differences in features.
Distributions from traditional IRAs and employer sponsored retirement plans are taxed as ordinary income and, if taken prior to reaching age 59 ½, may be subject to an additional 10% IRS tax penalty.