Raymond James Retirement Savings

Jan 31, 2024 | Member News

Determining what to do with your retirement savings from a former employer’s plan.
If you’ve changed jobs or are retiring, rolling over your retirement assets to an IRA can be an excellent solution. It is a non-taxable event when done properly – and gives you access to a wide range of investments and the convenience of having consolidated your savings in a single location. In addition, flexible beneficiary designations may allow for the continued tax-deferred investing of inherited IRA assets.
In addition to rolling over your 401(k) to an IRA, there are other options. Here is a brief look at all your options. For additional information and what is suitable for your particular situation, please consult us.
1. – Leave money in your former employer’s plan, if permitted
Pro: May like the investments offered in the plan and may not have a fee for leaving it in the plan. Not a taxable event.
2. -Roll over the assets to your new employer’s plan, if one is available and it is permitted.
Pro: Keeping it all together and larger sum of money working for you, not a taxable event
Con: Not all employer plans accept rollovers.
3. -Rollover to an IRA
Pro: Likely more investment options, not a taxable event, consolidating accounts and locations
Con: usually fee involved, potential termination fees
4. -Cash out the account
Con: A taxable event, loss of investing potential. Costly for young individuals under 59 ½; there is a penalty of 10% in addition to income taxes.
Be sure to consider all of your available options and the applicable fees and features of each option before moving your retirement assets.
Gregory G. Dellinger
Wealth Management Specialist Senior Vice President, Investments
2950 E Harmony Rd, Suite 255 Fort Collins, CO 80528-3410
B 303.448.7141 // C 770.616.1769 // F 303.440.1437
[email protected]
Raymondjames.com/gregdellinger
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