401K Rollover Center

You may have moved on from your last job, but what about your retirement money?

During times of career change, don’t forget about your retirement account – learn the options so you can make the best choice for your financial future.

Career transitions can be stressful. Your retirement account may not have been the first on your mind during this time, but the decisions you make about your retirement savings can have an important impact on your financial future. Worksite Financial Solutions can help you make the transition process easier and ensure you keep your money working for you.

If you’re like many other Americans workers, you may change jobs several times throughout your career, and you may have several different retirement accounts with those employers. It can become confusing keeping track of everything. However, it’s important to know that you have several different options available to you in regards to your retirement accounts with previous employers.

There are pros and cons to consider with each option – that’s where our Worksite Financial Solutions team comes in.  Call us today at (561) 210-7887 for a complementary consultation. We can provide you with one-on-one help – from clearly explaining the details of each option to assisting you with your IRA rollover and wealth planning strategies. Don’t let a career transition throw your retirement goals off track. 

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Your 401K Strategies include 4 Common Options:

Option #1. Keep the Money in Your Former Employer’s Plan

If your former employer permits, leaving your money where it is may be an attractive option because it allows you to continue enjoying the benefits of tax-deferred compounding. If you are happy with the plan’s investment options, this could be a good choice. On the downside, there may be special conditions or fees associated with your continued participation, and you may have withdrawal restrictions in the future.

Option #2. Roll the Money Into Your New Employer’s Plan

This option also has its advantages — continued tax-deferred growth of your investment and the convenience of having all of your retirement assets in one place. But because every employer has its own rules governing rollover money, before you choose this option, review your new employer’s plan and possible eligibility restrictions carefully.

Option #3. Take the Money in Cash

While this option may seem appealing because it gives you immediate access to your money, Uncle Sam is the real winner here. Cash distributions are subject to a mandatory 20% federal withholding in addition to regular income tax. Furthermore, if you are under age 59½, your distribution would also be subject to a 10% additional federal tax. Finally, if state or local taxes apply, they could claim an even bigger portion of your account.

Option #4. Roll the Money Directly Into an IRA

This final option allows you to roll all or a portion of your money into an IRA. To avoid withholding taxes and potential penalties, arrange for a direct rollover of the entire amount into an IRA. An IRA offers the same benefits of tax-deferred investing for retirement and typically provides a wider range of investment options to choose from.

This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

 About Worksite Solutions

 Don’t Leave Your 401(K) Behind 

 How may we help you reach your goals? For a complementary consultation please call (561) 210-7887 or complete the following form and we will be in touch shortly.


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Ulin & Co: Modern Investing, Traditional Approach

Established in 2002,  your Worksite Financial -Ed Team is driven by Ulin & Co., a trusted boutique independent SEC -Registered Investment Advisor (RIA) and branch office of LPL Financial. Our branch, along with most RIA’s, is positioned to provide you with an objective approach and a consultative (not product) driven process.

-National Independent Broker-Dealer Access? YES! √
-SEC Registered Investment Advisor Firm? YES! √
-Recognized CFP® professional? YES! √
-Fee-Based Portfolio Management? YES! √
-Retirement Income Planning? YES! √
-Boutique by Design? YES! √
-Diligent Research? YES! √
-Concierge Service? YES! √
-Fiduciary Focus? YES! √
-Clear Reporting? YES! √
-Genuine Approach? Absolutely!!

In today’s challenging post-recession economy, clients engage our firm because they expect nothing less than sound investment expertise, knowledgeable retirement counseling and exceptional service, every step of the way.