Are you changing jobs or retiring?Rollover your retirement plan into an IRA.
This article is not intended to provide tax advice. Consult a tax professional.
In uncertain economic times, many are facing unplanned moves to another job and others are contemplating retirement. Knowing your options for how best to handle your qualified retirement plan could save you plenty of IRS penalties.
While you could cash out your plan, a better way to handle it is with a direct rollover to a Traditional IRA. That simple move can keep your account intact and growing, while maintaining your tax-deferred status. On the other hand, if you cash out your account, you could be subject to income taxes and a 10% penalty if you are younger than age 59 1/2.
You can avoid these financial pitfalls by directly rolling your plan into an IRA at Red Crown. All you have to do is contact one of our IRA Specialists and they will help you start the direct rollover process.
For more details on an IRA rollover, call one of our IRA Specialists at (918) 477-3200 or (800) 318-7228.
Information obtained from Ascensus, Inc.