Retirement plan options when changing jobs or retiring
When changing jobs or retiring you have several options for your retirement savings. A distribution is a payout of money in your plan including contributions, vesting, and earnings. Consider tax impacts and penalties before deciding, and consult a tax specialist for guidance.
Retirement plan options and rollover choices
Options include leaving money in the employer plan for continued tax deferral, a direct rollover to maintain tax deferral, or taking a cash distribution with substantial taxes and penalties. You may also leave funds in the current plan or move to an IRA or annuity, subject to plan rules.
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