plan participants prepare for retirement
Having a good understanding of your company retirement plan and its benefits is an important part of reaching the goal of a comfortable retirement. Our team is committed to meeting with you and your fellow co-workers on site and being available to answer your individual questions anytime. We take the time to understand your needs and goals and offer our objective investment advice.
If you’ve changed jobs or are retiring, rolling over your retirement assets to an IRA can be a sound strategy. It is a non-taxable event when done properly – and gives you access to a wide range of investments and the convenience of having consolidated your savings in a single location.
In addition, flexible beneficiary designations may allow for the continued tax-deferred investing of inherited IRA assets. We can handle all details for you, including contacting your former plan administrator, opening your new rollover IRA and completing the paperwork.
In addition to rolling over your 401(k) to an IRA, there are other options. Here is a brief look at all your options. For additional information and what is suitable for your particular situation, please consult us.
Leave money in your former employer’s plan, if permitted
Pro: May like the investments offered in the plan and may not have a fee for leaving it in the plan. Not a taxable event.
Roll over the assets to your new employer’s plan, if one is available and it is permitted.
Pro: Keeping it all together and larger sum of money working for you, not a taxable event
Con: Not all employer plans accept rollovers.
Roll over to an IRA
Pro: Likely more investment options, not a taxable event, consolidating accounts and locations
Con: Usually fee involved, potential termination fees
Cash out the account
Con: A taxable event, loss of investing potential. Costly for young individuals under 59 ½; there is a penalty of 10% in addition to income taxes.
For your convenience, we’ve provided links to these retirement plan websites
Raymond James is not endorsed by or affiliated with these organizations.
1300 McFarland Boulevard NE, Suite 125 Tuscaloosa, AL 35406 T: 205.345.9733 | F: 205.342.3141 Map & Directions
Securities offered through Raymond James Financial Services, Inc., member FINRA / SIPC. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Lance Hocutt Financial Group is not a registered broker/dealer and is independent of Raymond James Financial Services.
Raymond James financial advisors may only conduct business with residents of the states and/or jurisdictions for which they are properly registered. Therefore, a response to a request for information may be delayed. Please note that not all of the investments and services mentioned are available in every state. Investors outside of the United States are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this site. Contact our office for information and availability.
Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members.