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401(k)s are an alternative to traditional pension plans and offer more control for the employee. One of the features of a 401(k) is that you can roll it over from one employer to another. The new plan may have lower fees or investment options that better support your financial goals. Rolling over your old 401(k) into your new company’s plan can also make it easier to track your retirement savings, since you’ll have everything in one place.
There are a few important factors to consider before you take a cash withdrawal from tax-saving retirement plans. For example, did you know the IRS counts a 401(k) as income and charges penalties and fees on early withdrawals? If you're leaving your job, you might consider other options instead of taking a cash withdrawal.
If you're wondering whether to roll your 401(k) into an IRA, there are a few factors to consider. 401(k) plans offer protection from creditors under federal law. Traditional IRAs require you to take minimum distributions beginning at age 72.
Don't navigate this difficult process alone. Let us help you to better understand all of your options, to find out more about the Roth IRA conversion process and if it is the right fit for your financial needs.