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Managing Your Retirement Plan Under a New Employer
Your employer-sponsored retirement plan is a valuable asset. But sometimes things happen that can affect the status of your plan. So, for example, if you work for a hospital that changes ownership, and you have been participating in a 403(b), 457(b) or 401(k) retirement plan, what should you do with it now?
Basically, you have four options:
Which of these choices is best for you? There’s no one “right” answer for everyone. You’ll want to consider all the options and possibly consult with your tax advisor and financial professional. But do all you can to protect your retirement plan – you’ve worked hard to build it, and you’ll need to rely on it to help you pay for your years as a retiree.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.
Edward Jones. Member SIPC.
Managing Your Retirement Plan Under a New EmployerShort /Radio version:
PSA: Managing Your Retirement Plan Under a New Employer
TBA: Nov. 30, 2020
Words: 191 (excluding FA’s name, address/phone number)
If your employer gets bought out, what should you do with your 401(k), 403(b) or 457(b) retirement plan?
Basically, you have four choices.
First, you could cash out your plan, but you’d have to pay taxes and possibly penalties.
Second, you could leave your plan with your former employer’s plan administrator, if allowed. This might be a good choice if you liked your old plan’s investment options. You wouldn’t be able to make new contributions, but you’d still enjoy the benefits of tax deferral.
Third, you could move your account to your new employer’s plan. Just make sure you understand your new investment choices and the fees involved.
Finally, you could roll over your account to a traditional IRA. You’d be able to invest your money in almost any type of vehicle – stocks, bonds, mutual funds and more, and your money could continue to grow tax-deferred.
There’s no one “right” choice for everyone. Consult with your tax advisor and financial professional to determine which option may be best for you. You’ve worked hard to build your retirement account and you’ll need it to help pay for your years as a retiree.
This is (FA’s NAME), your Edward Jones financial advisor at (Branch address or phone #).
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