What to do with your retirement plan when you leave a job
You have several choices.
We can help guide you.
Have you experienced a job change or recently retired?
Then you have some key decisions to make about your retirement savings. We can help you understand all the options in front of you so you can do what's best for your future.
At no additional cost to you, an Empower consultant can help you:
- Understand all your available options.
- Defer taxes and help avoid IRS penalties.
- Take the next steps toward your savings goals.
Our goal is to help you achieve financial stability now and in the future. Let's talk about it.
Schedule a consultation
or call 844-240-3531
Four options for your retirement savings
1
Keep your money in your former employer’s plan
Happy with your plan? In most cases you can keep your savings there.1
2
Roll your money into an IRA
Looking for more investment choice and control?
An Individual Retirement Account (IRA) may be a good option.
3
Move your money to your new employer's plan2
Like your new plan better? Transfer your savings over and keep them tax-deferred.
4
Make a cash withdrawal3
Need the funds now? You can have them, but watch out for taxes and IRS penalties!
Consider all your options and their features and fees before moving money between accounts.
Schedule a consultation
or call 844-240-3531
Let's get the conversation going
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 Not every plan allows for direct transfers. Check your new employer's plan provisions first. Funds rolled into a governmental 457 plan from another type of plan or account may still be subject to the 10% early withdrawal penalty if taken before age 59½.
3 This option will mean your retirement account may 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 59½. The 10% penalty does not apply to government 457 plans.
Securities, when presented, are offered and/or distributed by GWFS Equities, Inc., Member FINRA / SIPC. GWFS is an affiliate of Empower Retirement, LLC; Great-West Funds, Inc.; and registered investment adviser, Advised Assets Group, LLC. This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice.
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