401k Rollovers and 403b Rollovers (5 options)
A Strategy Guide to Retirement Planning with Terry Martine
English - February 18, 2021 19:00 - 5 minutes - 3.51 MB - ★★★★★ - 1 ratingInvesting Business Education Courses retirement planning florida retirement system financial planning myfrs medicare long term care life insurance teachers retirement social security roth conversions Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
In this episode we explore your options to a 401k rollover or 403b rollover. There are 5 pro's and cons to a Rollover IRA. The main deciding factor is if you think there might be a circumstance that you need to take a loan on your 401k. Maybe your looking for a more diversified funds or stocks than your 401k provider offers. We'll cover the 5 options you have to transferring your money from an old employer.
Find us at Family Retirement Services, LLC. or call us at 800-377-4027
Here is a quick link to the IRS's website regarding Rollovers.
When you roll over a retirement plan distribution, you generally don’t pay tax on it until you withdraw it from the new plan. By rolling over, you’re saving for your future and your money continues to grow tax-deferred.
If you don’t roll over your payment, it will be taxable (other than qualified Roth distributions and any amounts already taxed) and you may also be subject to additional tax unless you’re eligible for one of the exceptions to the 10% additional tax on early distributions.