If you have recently terminated employment, you may be facing many life decisions. How to handle the distribution of your retirement account may be one of them. This is a decision that should not be made hastily, nor taken lightly. In the following slides, we will help you explore your options. Be sure to take the time to review all of your options, carefully considering the pros and cons of each option.
There are generally four options to consider. The first three will allow you to continue to hold your retirement monies in a tax-deferred manner. The fourth option will subject you to current income taxes and a potential 10% tax penalty. The four options are:
- Keep your money in the plan.
- Rollover your money to your new employer’s retirement plan.
- Rollover your money into an Individual Retirement Account, or Annuity (IRA).
- Withdraw your money from your account.
Learn more about some of the more important considerations for choosing among these four options.