A retirement plan can benefit you in multiple ways. It will help you understand when you will receive Social Security benefits and how to grow your resources that you are saving for retirement. Our retirement professionals can help you develop a strategy to achieve your retirement goals.
Often when individuals retire they will “rollover”* their 401(k) or 403(b) account into an Individual Retirement Account (IRA). This provides them with more flexibility when choosing funds and allows them to consolidate their retirement resources.
* Before rolling assets over from a qualified plan, you should consider various factors. These factors include but are not limited to: Investment Options, an IRA often enables the investor to select from a broader range of investment options; Fees and Expenses, both plans involve investment-related expenses and plan or account fees. IRA fees may be more than your current plan fees; Services, different levels of service may be available under each option; Penalty-Free withdrawals, it may be easier to borrow from a plan and you may be able to withdrawal funds earlier in certain circumstances; Required minimum distributions, if still working at 70 ½ a person is generally not required to make distributions from employer’s plan; Tax considerations, for potential tax considerations you should consult with your tax advisor. Other factors may be relevant when analyzing considerations that might apply to your specific circumstances, you should consult your financial professional.
