 | Chris Senecaut is a Financial Representative for Modern Woodmen Fraternal Financial. As a company they will be lowering their rates effective December 27, 2011. All transfers must be made by that date to get their 3% guarantee and we will still have their guaranteed return of principal. Chris looks forward to helping you get through this economic downturn and prosper in the future. If you would like to learn more please call 620-724-0833. |
Banking & Finance
2011-12-05 15:19:54
Don’t short change your retirement savings
Question: What are my options concerning my IRA?
Answer: It’s your decision, choose wisely.
If you recently left your job, lost your job or plan to retire soon, you face an important decision. What will you do with the money in your former employer’s retirement plan? Before you decide, stop and think. The choice you make could have long-lasting consequences.
Making the right decision can:
• protect your money from current taxes and penalties
• keep you in control of your money
• help you reach your retirement goals
Making the wrong decision can:
• cost you money
• reduce the amount of control and flexibility you have over your assets
• shortchange the retirement savings you’ve accumulated throughout your career
The right decision
Rolling your retirement plan assets to a Rollover IRA may be your best decision. A Rollover IRA allows your retirement dollars to continue growing on a tax-deferred basis. It offers you more control than with other options. With the help of a knowledgeable financial adviser, Rollover IRA’s are easy to establish. A Rollover IRA can accept after-tax contributions as well as pre-tax contributions and earnings. You can roll over eligible distributions from these employer-sponsored qualified retirement plans:
• Defined Benefit Plan
• Defined Contribution Plan
• 401(k)
• Money Purchase Plan
• Profit Sharing Plan
• 403(b) TSA
• Governmental 457(b) Plan
• Qualified Stock Bonus Plan and Employee
Stock Ownership Plan
• Thrift Savings Plan
Next month we’ll talk about rollover proceeds from Roth plans, including the difference between Direct and Indirect Rollovers. Remember, it’s your money, choose where you place it wisely.
