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IRA & 401K Assets

Whether you are starting a new job or getting ready to retire, you’ll need to come to a decision about what to do about your 401k. There are four things you can generally do with the assets in any employer-sponsored retirement plan:

  • You may be able to leave the money in place where it is
  • You can opt to take the cash (and pay income taxes and perhaps a 10% federal penalty tax if you are younger than age 59½ )
  • You can transfer the money to another employer plan (if the new established plan allows)
  • You can roll some or all of the money over into an IRA

Rolling over from one qualified plan to another qualified plan allows your money to continue growing tax-deferred until you receive the appropriate distributions in retirement.

At Bussenger Financial, we can help you determine the best move between IRA & 401k assets. If a rollover is the right move for you based on the benefits and penalties of each choice and your individual financial, professional and personal situation. If you determine to cash out of an IRA, we can assist you in finding the suitable vehicles to help you reach your retirement income goals.

For guidance on your securities holdings, please consult with your own broker/dealer representative or registered investment adviser.

Neither the Company nor its agents or representatives may give tax, legal, or accounting advice. Individuals should consult with a professional specializing in these areas regarding the applicability of this information to his/her situation.

To schedule a time to discuss your financial future, contact us by email at [email protected] or give us a call at (224) 655-2426 today!

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