WITH NO OBLIGATION
- What should I do with the retirement plan at
my old employer?
- Do I have to move it?
- Where should I put it?
- Will I owe taxes on it if I move it?
- What kind of IRA do I need?
- How do I turn it into retirement income?
Have you been offered early retirement or a buyout, laid off, furloughed, pressured to resign, or fired because the pandemic affected your employer?
When you leave an employer, your retirement plan doesn’t automatically move for you. You have to make a critical decision, or risk having that decision made for you in a way that’s better for the company and costs you money.
Your 401k plan is one of your most valuable retirement assets, and deciding where it should go next is a decision with plenty of nuances, pitfalls, and opportunities.
We strongly recommend that you rollover your old plan. By leaving it behind, you lose control. You won’t be able to continue making contributions to it and you’ll be stuck dealing with whatever limited service is offered to ex-employees. Or worse yet, if the company goes out of business or gets purchased, your money could be stuck in litigation for years.
Moving your old plan into an IRA gives you maximum control over your money, including advanced ways to optimize your taxes. Want help? Give our office a call or contact us below, and we’ll set up a time to talk through your options to make the smartest rollover decision.
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*Advisory services offered through Trajan Wealth L.L.C., an SEC Registered Investment Advisor. Fiduciary advisor not dually licensed as a securities broker and not able to sell securities for a commission.