Rolling Over Your  401(k) Can Be More Simple Than You Think

Have you recently lost your job, or are you planing a career move?

When you are in a state of change with your career it is good to know that generally your           

retirement accounts are in your hands not your former employer. Unfortunately, many

people take unnecessary losses and penalties by withdrawing their funds. This can set

your retirement back years, and tens of thousands of dollars. So, the best option is to

opt for a 401(k) rollover.

The 401(k) rollover is ideal because it allows you to transfer your existing retirement

account into another retirement account without being subject to unnecessary taxes or

withdrawal penalties. It is important to know retirement accounts like a 401(k) are

funded with pre-tax dollars, and grow tax-deferred. That means if you take a premature

distribution, the IRS is going to stick you with taxes on all of that money, and also apply

an additional 10% penalty if you withdraw the money prior to age 59 1/2. This is a steep

penalty if you don’t need that money for an emergency. Unfortunately, many people

will take the penalty simply because they don’t have a good advisor to guide them in

this process. 

We can help you rollover your retirement plan and make the right choices for your

needs.

Common mistakes you need to know with 401(k) rollovers

• Withdrawing funds unnecessarily

• Choosing incorrect distribution options

• Mishandling a 401(k) loan

• Knowing when NOT to rollover your 401(k)

• Relying on your employer to give you advice

As you can see, there are many different things to consider when thinking about rolling

over a 401(k). Each option has it’s own pros and cons. Don’t become overwhelmed

with this process. Ask for help. A qualified financial broker can help you make the best

choices. We have the experience to guide you through the process safely and help

keep your retirement on track. Please email us, or give us a call 314-565-9951.