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What should I do with the assets in my employer’s retirement plan? This could be one of the most important retirement planning decisions you make. You will need advice to assist you in the navigation through the IRS code and the numerous investment programs available when you or your beneficiaries encounter one of the events which trigger a distribution. They are retirement, disability, termination of employment or death.
If you do not handle the rollover correctly you may end up sending a lot of extra tax dollars to Washington and paying additional penalty taxes. The IRS does not allow for “do overs” on rollovers. So, make sure you get it right the first time. We can assist you with this process.
IRA - Next Steps:
- Obtain the Retirement Plan Distribution Form from your plan administrator or Human Resources department.
- Contact us before you complete the form. We will meet with you to review the form and outline your options.
- The options available will depend on your age, income requirements, reason for the distribution, and assets you may have in other IRA’s or retirement plans of previous employers.
- Did you leave assets in the plans of previous employers? What are the pros and cons of this situation? We will analyze them for you.
- Do you have multiple IRA’s? If so, why and should they be consolidated?
- Do you have concerns about creditor protection for you IRA assets? If so, there are ways to handle your rollover to provide creditor protection. We will advise you of them and how they may impact your particular situation.
- We will explain the beneficiary designation process and implications.
- We will explain the income and estate tax implications for your IRA assets.
- We will offer recommendations for the investment of your IRA assets.
An IRA Rollover is a direct transfer to an Individual Retirement Account in your name. The transfer is directly from your company’s plan to the IRA custodian you have chosen. It is a non-taxable event resulting in an account you control directly. Once the money is in your IRA, you then have decisions to make about investments and retirement income planning.