When you change jobs or your retirement plan changes, you need to make sure your savings stay on track.
If you have a pension plan, 401(k) or 403(b), it will be beneficial to understand and evaluate your retirement plan options if you are eligible depending on your goals.
There are typically 4 options:
1. Take - Take a lump-sum distribution
2. Keep - Keep your assets in your former employer's plan, if allowed
3. Transfer - Transfer your assets into your new employer's plan if the plan accepts transfers
4. Roll - Roll over your assets into an Individual Retirement Account (IRA)
There are a multitude of regulations as it pertains to your retirement plan. Making the wrong decision at the wrong time can make a huge impact on your income tax return.
Your financial situation is unique. Let us discuss the options available to you today.