Retirement Planning
What is the best way to plan retirement? The order of operations matter and we will help guide you.
Action Steps for Retirement Planning
Step 1: Construct a game plan.
Step 2: Determine your resources.
Step 3: Determine your spending.
Step 4: Review your estate documents.
Step 5: Implement your plan and monitor it.
How Do I Rollover My 401k?
If you have an old retirement plan, you have four options.
1) Open an IRA (Individual Retirement Arrangement). Move the money into the IRA.
2) Move it to your new employer.
3) Leave it with your old employer, if allowed.
4) Withdraw the cash. You need to consider tax withholding and potential tax penalties.
In-Service Rollovers
Some companies permit employees to roll 401 (k) or profit sharing contributions over to an IRA, instead of requiring you to wait until you have left your job or retired. In-service withdrawals are not without boundaries, many plans require participants to be at least 59 1/2. Tax rules would still apply.
In-service rollovers have advantages such as increased investment options, greater freedom for future planning, and active account management. Consider talking with your plan provider to find out if you are eligible and what conditions apply.
Tools We Find Helpful
Retirement Planning
It's hard to know how much money you will need in retirement if you don't know what you want to do.
We welcome your questions. Benchmark financial advisors are located in Memphis, TN. If you aren’t in Memphis, our financial advisors can still help. Our team is licensed in 25 states. We prioritize the needs and interests of our clients by providing personalized financial advice. Before you consider rolling over your 401 (k) or employer-sponsored plan, it’s important to understand the alternatives.
