What will you do with your employer sponsored retirement plan?
You’ve accepted an offer for a brand new job. But what does this mean for your retirement plan with your former employer? You may have as many as four options:
1. IRA Rollover
You can move your employee qualified plan, often called a 401(k), directly into a traditional Individual Retirement Account (IRA). Some of the pros include continuing to grow or diversify your retirement options.
2. Roll to New Employer’s Plan
In many situations, your new employer will allow you to roll your old plan’s assets into their plan. The pros of this include being able to consolidate all your retirement assets, and the fees may be lower than other options.
3. Do Nothing
In some situations, you might want to stay with your current plan. The pros of this would include maintaining all your current investment options, fees, or tax-deferred status.
4. Cash Out
You may be eligible to cash out your plan, though there may be penalties for withdrawing early.
Sammi Hegwer is your local Riverton Farm Bureau Financial Services agent and can help guide you through this process. Review your existing retirement plan and develop something that’s just right for you. Call (307) 856-9091 or visit SammiHegwer.com today!
Sponsored post paid for by Farm Bureau – Riverton.