No matter where you work, it’s important to consider all of your options for both future goals and unforeseen circumstances. We know you work hard, so let us help you get the most out of your investment.
When it comes to your employer sponsored 401(k) plan, knowing your options goes a long way in helping make better decisions. If you are exploring your career options or perhaps planning ahead towards retirement, here are some options to consider.
In either situation, there are pros and cons. For example, if you choose to leave your retirement savings in your previous employer’s plan you may be subject to fees employees don’t have to pay. Or there may be a time limit on how long you can keep your savings in the plan. You may have to take your money out of the plan and either roll it into an IRA, which would be subject to contribution limits, or be forced to take a distribution, which could be subject to significant tax penalties. Also, if you have retirement savings in multiple accounts, ask us about consolidating those accounts to better maximize your retirement saving efforts.
Written by Securities America for distribution by Keith Ellen at KGE Wealth Management.
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