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IRA Rollovers

IRA Rollovers

| May 14, 2022

Should you rollover your 401(k) to an individual retirement account or not? Your other options include potentially cashing it out (and having to pay taxes or a withdrawal penalty) or transferring it into your new employer’s 401(k) plan. So, which option might fit best into your financial plan? Let’s discuss this in today’s episode.

Because this money can make such a large impact on whether your years in retirement are comfortable, it is really important for you to understand your options and make decisions that will serve your needs both now and in the future. Listen in as I explain the drawbacks of taking a lump-sum distribution, how a rollover IRA works and how to avoid complications throughout this process.

Listen To The Episode Here:

What You’ll Learn:

  • When you become eligible to make a distribution from your company's retirement plan.

  • What a rollover IRA is and when this might be your best option.

  • If you can use part of a distribution to pay for current important expenses.

  • What are the potential drawbacks of taking a lump-sum distribution.

  • Why you shouldn’t use your lump-sum prematurely.

  • How a rollover IRA works.

  • How much in taxes you may end up having to pay when taking out a lump-sum.

Ideas Worth Sharing:

“A large sum of money can tempt people to do things they may regret later.” - Regina McCann Hess

"Although you may think it makes sense to use part of the lump-sum payment to eliminate large outstanding debts, a sound retirement can be jeopardized if this money is not used wisely.” - Regina McCann Hess

“Keep in mind you will need to pay income taxes on any of the money you withdraw now.”  - Regina McCann Hess


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