401(K) & IRA Planning

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
• Cash Out (paying income taxes and possibly a 10% federal penalty tax)
• 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 determine to cash out of an IRA, we can help you find suitable vehicles to help you reach your retirement income goals.

IRA accounts have become one of the largest types of assets inherited by beneficiaries. If you don’t anticipate needing your IRA money in retirement, you may wish to consider a legacy planning strategy to reduce taxes and increase the payout your beneficiaries will receive upon your death.

You may want to use some of the value in your IRA to provide your beneficiary(ies) a regular stream of income while leaving the balance of IRA assets invested for tax-deferred growth. The result may yield substantially more money paid out over the course of your beneficiary’s lifetime through an option called a Multi-Generational Stretch IRA. We can help you evaluate your financial situation to determine if IRA legacy planning may be the best means for ensuring a long-lasting inheritance for your heirs.