IRA & 401k Rollovers

WE SPECIALIZE IN SETTING UP, MONITORING & CHANGING* THE FOLLOWING TAX QUALIFIED PLANS:

Roth IRA’s 401(k)’s
IRA’s 403(b)’s
SEP’s Pension and Profit-Sharing accounts
Keough’s

*The set up and modification of such plans is only as necessary.

We know financial products can be confusing. Let us break it down for you.

WHAT IS AN IRA?

Think of an IRA like a box you can use to save for retirement. Investments like annuities, mutual funds, bonds and stocks are what you collect in your box over the years.

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STEP 1

First pick the type of IRA you want to use as your box — Roth or Traditional.

STEP 2

Choose investments to put in your IRA. You can always change the investments in your box.

STEP 3

Decide how much money you want to put in your box for now. You can contribute up to $5,500 into your IRA and $6,500 if you’re over 50 (for tax year 2016). Roth IRA contributions may be limited by your income.

ROLLING OVER YOUR IRA OR 401K

When you change jobs or retire, there are four things you can generally do with the assets in any employer-sponsored retirement plan:

Leave the money where it is
Take the cash (and pay income taxes and perhaps a 10 percent additional federal tax if you are younger than age 59½)
Transfer the money to another employer plan (if the new plan allows)
Roll the money over into an IRA

Rolling over from one qualified plan to another qualified plan allows your money to continue growing tax-deferred until you receive distributions in retirement. We can help you determine if a rollover is the right move for you.

If you decide to cash out of an IRA, we can help you find suitable vehicles to help you reach your retirement income goals.

One of the more difficult parts of retirement income planning is transitioning the assets that you have accumulated into reliable long-term streams of income. The assets you have accumulated through your working years are taxed differently, and when turning them into income, it is very important to make these decisions with the assistance of a qualified financial professional.

Many strategies can be employed to make sure that your household's income needs can be met. The key is that retirement has phases whereby the nature and amount of spending changes, therefore requiring flexibility in being able to ‘turn on' and ‘turn off' income as needed. Accumulating and arranging income for retirement is not an easy process. However, as Retirement Income Specialists, we can help.

If you are like a large percentage of retirees or people nearing retirement that worry about having enough lifestyle income to last through retirement, contact us today for a completely free review of your retirement plan.