When you leave an employer or become eligible for a distribution from your workplace retirement plan, you’re faced with an important decision about what to do with your accumulated savings. Options to consider are leaving the money in your employer’s plan, rolling it to a new plan, or moving it into an IRA, and each comes with its own set of rules, advantages, and limitations. Understanding how these differences affect investment options, control, fees, distribution flexibility, and beneficiary planning can help you make the choice that best supports your long term retirement goals.
Before You Raid Your 401(k), Watch This
More Americans are dipping into their retirement accounts as financial pressures continue to rise. Even though balances have grown in recent years, workers are increasingly turning to hardship withdrawals and loans to cover immediate expenses. It’s a trend that raises big questions about financial resilience, and the long term impact on retirement security. Tom Parks, AIF®, CRPS® | Director of Retirement Plan Services is here to discuss.
