When you are leaving a job where you have contributed to a 401(k) plan, you have three options:
- cash out your 401(k)
- Keep it in your current plan
- or move it to another qualified retirement account
A qualified retirement account could be your new employer’s 401(k), a Traditional IRA or a Roth IRA. The movement of our 401(k) to this account is called a rollover.
If you’re leaving your employer, do you know your 401(k) options? We can explain options for your 401 (k), including leaving the money in your former employer’s plan, moving it to your new employer’s plan, rolling it over to an individual Retirement Account (IRA) or cashing out the account subject to tax consequences. We can help you review your options so that you can select the one that’s best for you.
Goss Associates takes pride in being a Rollover specialist working with accounts that insure our principle against any unforeseen risk. After 59 1/2, qualified accounts will allow you to withdraw money without a penalty. All withdrawals from 401k and traditional IRA’s are a taxable event, as these accounts have not been taxed yet. Roth IRA’s are excluded from Required Minimum Distributions as well as ALL withdrawals are tax free. If you are uncertain on what to do, Goss Associates is here to help you with your 401(k) or IRA rollover’s. Click and complete below to begin your 401(k)/IRA rollover inquiry.