Retirement Rollovers

Saving money in your employer sponsored retirement plan is almost always a good idea. But what do you do with that savings when you leave your job either due to termination or retirement?

The Rollover Decision

  1. Roll
    Rolling the money into a traditional IRA offers:
    • Continued tax-deferred growth
    • Retirement plan consolidation
    • Wider range of investment options
    • Flexible beneficiary designations with estate planning opportunities
    • Federal and state level creditor protection
    • Reviews with your financial advisor to keep your investments aligned with your goals
    • Contact us today to roll over your retirement!
  2. Move
    Moving the account balance from your old plan to the new one is an alternative action if your new plan allows.

    Benefits include:
    • Continued tax-deferred growth
    • Retirement Plan Consolidation
    • Federal and state level creditor protection
    Other considerations:
    • Investment choices limited to new plan guidelines
    • Less control of investment management
  3. Stay
    Leaving the money where it is provides:
    • Continued tax-deferred growth
    • Ability to take distributions without penalty if separating from service at age 55 or older
    • Federal and state level creditor protection

    Please note, if the account balance is $5,000 or less, the employer may force an automatic cash pay out or administer an IRA rollover on your behalf.

  4. Pay
    You always have the option of cashing out your retirement savings. The benefit is having the cash in hand, while the downside is:
    • The asset value may be lost due to income taxes and possible penalties
    • It becomes a step backward in reaching your retirement goals.