Hi! I’m Tiffany Mayo, of Thill & Associates in Great Bend, KS, and I understand you’ve been planning for your future and saving for retirement. Now that you’ve left your job, what do you do with your retirement plan? Maybe you even have other old retirement plans just “hanging” out somewhere. Your retirement is a very important part of a secure future and these plans need to be taken CARE of so that you can meet your financial goals! Where do you go from here? The CHOICE is YOURS!
ROLL: Roll Over to an IRA. To keep your retirement savings growing, you can roll your money into an IRA that allows for a number of tax and other advantages. With an IRA, you typically have fewer restrictions when accessing your money! Your new plan may also involve penalty free withdrawals for such things as a qualified first-time home purchase and for the payment of certain health insurance and medical bills. These withdrawals from your original retirement plan may have been subject to taxes and penalties!
TAX CONSIDERATIONS: Rolling over to an IRA provides the same advantage of tax-deferred growth that you received through your employer’s retirement plan. If you have other retirement plans from past employers, you may want to consider combining those into an IRA as well. You can roll your pre-tax savings directly into a traditional IRA and your Roth 401(k) savings into a ROTH IRA. There are several other choices as well.
To learn more about your options, contact us today. We can assist you in providing you with a complete list of options and choices for your IRA and other FINANCIAL PLANNING TOOLS!
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