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Moving on from your job or retiring?

Taxes and penalties can take a big bite out of your retirement savings.  What you decide to do with your retirement savings when you change jobs or retire could have a big impact on your future. Take a few minutes to explore your options. 

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Your options:

1.

Keep it where it is1

If you’re happy with your plan, you can keep your savings there in most cases.

2.

Open an IRA

Roll your savings into an individual retirement account (IRA) to keep your savings tax deferred.

3.

Move it to your new plan2

Roll your funds into your new employer's plan after evaluating it against your current plan.

4.

Withdraw your money3

Withdraw funds - but be aware of taxes and potential IRS penalties.

Keep your retirement savings where it is1

Stay where you’re already familiar with everything

Your personalized online dashboard provides a complete view of your financial picture, so it's easy to see your estimated monthly retirement income, what percentage you are on track to replace and track progress toward all your financial goals.

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Transfer to an IRA and take control of your retirement savings

Turning your old employer retirement plan account into an IRA keeps your savings tax-deferred while giving you more control over how your money is invested.

Low account fees and a range of investment choices
You won't pay any initial or annual account fees, and can access more than 140 mutual fund options. You can get help managing your investments or take control yourself.

It's easy to open an Empower IRA
You can open an Empower Premier IRA in less than 10 minutes.

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Already have an IRA? Login to request a rollover.

Move your retirement savings to your new employer's plan2

Does your new employer's plan sound better? Simply roll over your savings and keep them tax-deferred.

Weigh your options
Review your investment choices and compare fees and plan provisions to see if it's as good an option as your current plan.

Check with your new plan provider
See if there are any limitations, confirm that your savings are eligible to roll over into the plan and understand any paperwork they require. Once you have your new account number from your new plan provider, you can log in to your plan to request a rollover.

Consider all your options and their features and fees before moving money between accounts.

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Make a cash withdrawal3

If you need the funds now, you can choose to close your account and cash out. But remember, taxes and IRS penalties will leave you with less than you thought.

Resist the temptation to cash out
It may seem like free money, but it's really not. It's the money you've been setting aside for your future. If you can, keep it tax-deferred where there is potential for growth.

Your balance minus taxes minus IRS penalties equals Less than you thought

1 Some employer plans require you to move your balance if the balance is below minimum thresholds. Check your plan’s provisions to see if that applies to you.
2 Review your investment choices and compare fees and plan provisions to see if it's as good an option as your current plan.
3 This option will mean your retirement account will be taxable income. This could negatively impact your overall savings. This may include a 10% penalty tax on top of your ordinary tax rate if you have not reached age 59 1⁄2. The 10% penalty does not apply to government 457 plans.

Please call 855-756-4738 if you would like information on the other Empower IRA products that may be available to you.

Securities, when presented, are offered and/or distributed by Empower Financial Services, Inc., Member FINRA/SIPC. EFSI is an affiliate of Empower Retirement, LLC; Empower Funds, Inc.; and registered investment adviser Empower Advisory Group, LLC. This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice.

IMPORTANT: The projections, or other information generated on the website by the investment analysis tool regarding the likelihood of various investment outcomes, are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. The results may vary with each use and over time.

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“EMPOWER” and all associated logos, and product names are trademarks of Empower Annuity Insurance Company of America. This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice. ©  Empower Annuity Insurance Company of America. All rights reserved.