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There are things we all know we should do or at least we’ve been told we should do them. But just how good are you at getting them all done? Here’s a quick test. How many of these can you answer “yes” to?
Did you do pretty well? How about this one?
If I got you on that one, then you should consider a retirement plan rollover to a MutualWealth Management IRA.
More and more of us work for multiple employers throughout our careers and we end up with multiple retirement plans left behind. Even if you only had one employer you may have several plans that were offered at different times throughout your career. You don’t have to be retired to do a rollover. If you have terminated employment any retirement plan at that employer is eligible to roll over to an IRA.
The most important reason to roll over to a MutualWealth IRA is for our professional services including helping you to establish investment goals, management of the day-to-day investment decisions, ongoing monitoring, record-keeping and keeping you informed.
There are a lot of other things to consider before doing a rollover. For instance, company stock held in a retirement plan such as an ESOP or 401(k) generally should not be rolled to an IRA because you may end up paying more tax on it than necessary.
If you’re over age 55 but under 59 ½ when you retire you can access retirement plan assets without the 10% early withdrawal penalty. This isn’t available in an IRA.
Another feature not available to IRAs is that if you work past age 70 ½ you can defer taxable required minimum distributions until you do retire (unless you own more than 5% of the company).
On the other hand, a MutualWealth IRA has advantages in addition to our services that aren’t available in company retirement plans. The possible investment choices are much greater and include individual stocks and bonds; you can withdraw money prior to age 59 ½ for education expenses for you or a dependent without the 10% penalty; and an IRA can allow you to stretch the tax deferred growth of your assets out over generations of your heirs.
Let’s face it. We just don’t do all the things we’re supposed to do. It’s too easy to put off complicated decisions like a retirement plan rollover. MutualWealth can help weigh the pros and cons so you make the right choice. That’s another way we help you live a better life.
David Riggs is Vice President and Trust Investment Officer with
MutualWealth Management Group.