Integrity Financial Services, Inc.
401(k) Rollovers
If you suddenly lost your job, what would happen to your retirement money? You're not alone in this fear, but you have choices of what to do with your 401(k).
Leave your 401(k) alone. While the money will remain invested, you're giving up control and flexibility over those assets. Your investment choices may be limited, the plan fees may be high, and you may not be able to quickly access your money or do what you want with it.
Withdraw the money. This comes with a severe financial penalty, so it may be a "last resort." Distributions from a 401(k) are considered taxable income; the federal government does not want to see you wipe out your retirement savings. Neither does your financial advisor.¹
Roll it over into an IRA. This can be a much-needed solution to an unenviable situation: moving the 401(k) money into an IRA through a rollover or trustee-to-trustee transfer until you can move the money into another qualified retirement plan. This isn't perfect for every financial situation, but it may be the one with the most positive outcome for you.
How is your money positioned? How are you invested today? How prepared would you be if you lost your job? Are you doing things designed to preserve and enhance your retirement money? You may want to talk with me about your options. If you'd like to, call me at 815-232-8000 or email me at rlzuberbuhler@hirep.net.
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