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What Should I Do With My 401K Money When I Retire?
Many people have saved money for retirement their whole lives—often in a 401K account—and yet don’t know what to do with their money once they actually retire. How will they take money out of their account to live on during retirement, without running out of money someday?
Here are your choices about what to do with 401K money:
1) You can leave the money with your former employer—if they allow you to do so. Most 401Ks are filled with high-risk investments that can lose value quickly during stock market drops. And many 401K plans have high fees and few investment choices.
2) You can take the money out and have a check sent directly to you. You will owe income tax on any amount withdrawn in that tax year unless it’s a Roth 401K. Your previous employer must by law withhold 20% of your money for the IRS, and you have to account for it on your tax return in the year you withdraw the money. If you are under age 59-1/2, you will also owe a tax penalty.
3) You can take the money out and have a check sent directly to you to do your own rollover. This is called an “indirect rollover.” Again, your previous employer must by law withhold 20% of your money for the IRS. You only have 60 days to put all the money in a new account, so you’ll have to front that extra 20% for your new rollover account until it can be reimbursed to you later, or you will have to pay income taxes on that 20% holdback amount.
4) You can do a “direct rollover,” from institution to institution, dollar for dollar, with no tax impact on you until you begin withdrawing money. This is where we come in. We will show you your rollover options—including tax-advantaged options, and options to help you generate lifetime retirement income—and go through the pros and cons of each type of rollover account so you can make the best decision for yourself and your family.
With Rojas Retirement Solutions, there is NO FAMILY LEFT BEHIND when it comes to retirement rollovers! Contact us now for a free consultation. Call us at (833) 401-ROLL to discuss your 401K rollover options, Or schedule a FREE MEETING now:
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