Rollover Your Retirement Plans

You've been working hard and planning for your retirement by contributing to your company's 401(k) plan. Your 401(k) has allowed you to accumulate more retirement dollars by allowing this money to grow tax-deferred. And now that you're retiring or changing jobs, you might be considering taking a cash disbursement from your 401(k) plan. But before you do, you'll want to think twice. The cash disbursement you take now could mean paying a large amount of taxes and penalties on that money. Instead, you may want to consider rolling over your qualified 401(k) dollars into an Individual Retirement Account or IRA. An IRA:

allows you to rollover your qualified (401(k)) money without paying taxes

puts the control of investing in your hands

is tax-deferred just like your 401(k)

may allow for partial cash distributions

Although your investment philosophy or style may change depending on whether you retire or change jobs, your retirement needs do not. Union Central offers several IRA investment vehicles that may meet your specific retirement goals. Before making a decision as important as what to do with your retirement dollars, talk with a professional. Your company's retirement plan representative can assist you in reaching your goals.